Receivables factoring in the Chicago Metropolitan area
The Chicago Metro area has 10 million people and boasts one of the most diversified economies in the world. The Chicago area is the third largest metropolitan economy in the U.S. The area’s economy is a major center of transportation and distribution, manufacturing, and financial services.
The Chicago area is home to 36 Fortune 500 companies which is the second-largest, behind New York. Company headquarters include Walgreens, Boeing, Archer Daniels and McDonalds. Most of the fortune 500 companies are located not in Chicago proper, but in suburbs like Deerfield, Glenview and Northbrook.
The city of Chicago is revitalizing downtown and developing new areas in the South Loop and Lincoln Yards so young businesses have more space to grow. Manufacturing is returning to surrounding cities such as Rockford and Peoria and Chicago is continuing to thrive as the transportation and distribution hub of the Midwest.
The tech industry is also showing signs of growth with the expansion of Salesforce and Google regional offices, as well as a host of high-tech companies like Grubhub, Sprout Social, SpotHero, and project44.
Chicago businesses use receivables financing to efficiently control their working capital, while fueling growth. As an alternative to traditional bank loans, invoice factoring gives small businesses access to cash. Companies can generate cash immediately upon invoicing their customers and not waiting 30 to 60+ days to get paid.
Chicago has a number of excellent factoring companies that serve all types of industries. DSA Factors has been providing factoring services since 1986. Gibraltar Business Capital offers asset-based lending opportunities for larger financing deals. FactoringClub can match your business with the perfect factoring company for your particular needs.