Receivables factoring in the Greater Miami area
The Greater Miami area is the seventh largest populated metropolitan area in the nation, with more than 6 million people. The Miami area has the sixth fastest growing economy in the U.S., behind San Francisco, Seattle, Tampa Bay, Atlanta and Dallas. The area’s largest counties are Miami-Dade, Broward, and Palm Beach, which make up the Greater Miami Area
The Greater Miami Area, also known as South Florida, includes the cities of Boca Raton, Fort Lauderdale and West Palm Beach. The area is home to five Fortune 500 companies, including Lennar, Office Depot, AutoNation and Ryder System. Many companies in the area do business in Latin America, with more than 1,000 multinational companies headquartered in Greater Miami.
Miami is often referred to as the “Cruise Capital of the World” because PortMiami is the largest cruise ship port in the world. The port is also a large cargo port, ranking second behind South Louisiana for imports from Latin America. The top foreign country for both imports and exports into and out of PortMiami is China.
Businesses in the Miami area use receivables factoring to control their working capital, and provide cash for growth. Invoice factoring solves one of the biggest concerns for small business owners which is access to capital. Rather than waiting for customers to pay invoices, companies get immediate cash from their factoring company.
Miami has a number of factoring companies within the city, as well as the surrounding cities such of Fort Lauderdale, Hollywood and Boca Raton. CV Credit, ExpoCredit and Summar Financial provide invoice factoring services for businesses doing international trade with Latin America. Prosperity Funding has a large focus on payroll funding, or staffing factoring, while Freight Factoring Specialists specializes in trucking factoring.