Tennessee, bordered by the Mississippi River to the West and the ridges of the Great Smoky Mountains to the East, has been shaped culturally and historically by its location between the North and South. For instance, during the Civil War, the state sent more soldiers into the Confederate Army than any other state in the South. At the same time, Tennessee also sent more to the Union Army than any other state in the Confederacy. It’s been known as the Volunteer State since the War of 1812, when thousands of volunteers left to fight the French in New Orleans. There are many industries that can benefit from using factoring companies in Tennessee.
Factoring in Tennessee
Today, thousands of business owners are stepping up to keep the state’s economy strong and new companies representing a variety of industries are taking shape every week. Like new companies across the country, some of these startups benefit from alternative funding that doesn’t require a long credit history or extensive collateral. Many of them turn to factoring their invoices, which enables them to get paid as soon as their work is completed instead of having to wait 30, 60, or even 90 days for their customers to pay.
This effective and affordable cash flow solution is also popular for Tennessee companies that have been in business for decades or passed from generation to generation. Business owners partner with factoring companies to gain working capital to use for expanding their facilities, buying new equipment, hiring new staff, or increasing inventory. Factoring accounts receivable brings benefits today for operating expenses and tomorrow for growth.
Tennessee Factoring by Industry
- Manufacturing, especially textiles, furniture, and machinery
- Food processing
- Chemical production
- Natural resources, especially timber, marble, and zinc
- Agriculture, especially tobacco and soybeans
Some of the best Factoring Companies in Tennessee
- CapitalPlus Equity, LLC
- Eagle Financial
- Fleet One Factoring
- Provident Commercial Finance
- Stonebridge Financial Services
- Transport Financial Solutions
View the above list of factoring companies in Tennessee for more information.