Water is never far away in Michigan, a state with nearly 3,300 miles of shoreline with three Great Lakes and more than 10,000 lakes throughout the state. The state’s natural beauty makes it a destination for tourists, especially those who like to boat and fish. There are many industries that can benefit from using factoring companies in Michigan.
Factoring in Michigan
For much of the last 100 years, the Wolverine State has ranked first in auto, motor vehicle, and automotive parts manufacturing. It’s an industry that has had its ups and downs and Michigan’s large cities, especially Detroit, the car capital of the world, have had their economic challenges. However, today the state’s economy is more diversified with small and large companies of many kinds.
To meet their own economic challenges, a growing number of companies in Michigan are choosing invoice factoring to increase their cash flow and maintain a more predictable revenue stream. The company can sell their invoices to a factoring company and receive payment right away instead of waiting 30, 60, or even 90 days for their customers to pay. Since factoring pays for work already completed, the factoring company’s client receives a cash infusion without incurring debt. Factoring is becoming an increasingly popular alternative funding source for Michigan companies.
Michigan Factoring by Industry
- Automotive and motor vehicle manufacturing
- Manufacturing, including furniture, machines, hardware, airplane parts
- Agriculture, including timber
- Food processing, including cereals
- Financial services
Some of the best Factoring Companies in Michigan
View the above list of factoring companies in Michigan for more information.