Receivables factoring in the Detroit area
Metro Detroit has a population of more than 4 million people within the Detroit Tri-County Area and surrounding counties. It’s the largest city on the U.S.-Canadian border. The Detroit area has the 13th largest economy in the U.S. and the second largest economy in the Midwest, behind Chicago.
Detroit is also know as “Motor City” because of it’s large dominance in the automobile industry. General Motors, Ford and Chrysler are all headquartered in the Detroit area. The auto industry has made the area a leading research and development center for emerging technologies like biotech, nano-tech, information technology, and hydrogen fuel cell development.
Metro Detroit is home to several Fortune 500 companies, other than the auto makers, including Quicken Loans, Compuware and DTE Energy. IBM, Google and HP also have regional offices in or around Detroit.
Detroit businesses take advantage of receivables factoring as a source of efficient working capital. With invoice factoring, companies get paid for services or goods sold as soon as they invoice their customers. Factoring companies advance cash immediately upon billing, so businesses don’t have to wait 30 or more days to collect invoices from their customers.
Sterling Commercial Credit is a family owned factoring company located in nearby Brighton that provides provides invoice factoring services to small businesses with annual revenues of $500,000 to $40 million. FactoringClub can match any business with the perfect factoring company for its financial needs.