With its diverse economy and strategic location, Ohio is a key Midwest business center. For a smaller state in land size, its population is surprisingly large, thanks to three metropolitan areas: Columbus, Cincinnati, and Cleveland, located on Lake Erie. The Buckeye State is crisscrossed with interstate highways that carry products from its many manufacturers across the country. The state ranks third in the nation in number of employees working in manufacturing. Among manufacturing centers are Youngstown, known for steel production; Akron, for rubber and tires; Dayton, office machines and auto equipment; Toledo, auto parts and glass; and Cleveland, auto assembly and parts. There are many industries that can benefit from using factoring companies in Ohio.
Factoring in Ohio
Manufacturers, distributors, staffing agencies, freight companies, and many other types of businesses all fit into the state’s complex economy. Many of these companies have grown and expanded, thanks to invoice factoring. Factoring helps business owners increase their cash flow and maintain an even revenue stream flow year-round because it pays them upfront on their invoices. They are able to turn their accounts receivable into cash in hand, without waiting 30, 60, or even 90 days for their customers to pay.
What this means for manufacturers in Ohio is the ability to keep a steady supply of materials for production, pay employees on time, and maintain or expand their factories. Distributors can increase their inventory and build their customer base. Staffing agencies can cover payroll, taxes, insurance, and training costs. Freight brokers can pay drivers on time and motor carriers can receive fuel advances and balance their income and expenses. Factoring has become a preferred funding alternative in Ohio.
Ohio Factoring by Industry
- Agriculture, including cattle and hogs
- Food production, including dairy and meat processing
Some of the best Factoring Companies in Ohio
View the above list of factoring companies in Ohio for more information.