New Jersey is a state of many contrasts. The northeastern part of the state is virtually an extension of New York City, with hundreds of thousands of residents commuting to work in Manhattan every day. Southwest New Jersey is home to huge numbers of people working by day in Philadelphia. The 120-mile Atlantic shoreline helps make tourism the state’s number two industry. And fertile vegetable and fruit farms throughout the state give it the nickname of the Garden State. There are many industries that can benefit from using factoring companies in New Jersey.
Factoring in New Jersey
Companies in New Jersey also are a study in contrasts, with huge multinational corporations and small family-run businesses. While big companies have the deep financial reserves and access to traditional bank credit to expand their operations and their market shares, small companies and especially start-ups can struggle with cash flow challenges. Some of those companies many not qualify for bank loans, due to weak or too-brief credit histories or lack of collateral.
To increase their cash flow and set aside funds for expansion, many businesses in New Jersey are working with factoring companies – companies that purchase a business’s invoices, or accounts receivable – to bridge the gap between when work is completed for a customer and when that customer pays its bill. Invoice factoring lets the business pay its salaries and overhead expenses on time, without incurring debt. It also creates those reserves needed to grow the business.
New Jersey Factoring by Industry
- Oil and natural gas refining
- Chemical production
Some of the best Factoring Companies in New Jersey
- AGR Financial
- Alexander Financial Solutions
- CapFlow Funding Group
- Infusion Funding
- Prestige Capital
- Prime Capital Group
- Quantum Corporate Funding
- Quick Freight Factors
- Sienna Transportation Finance
- Swiftmore Capital
View the above list of factoring companies in New Jersey for more information.