![]() ![]() ![]() Luckily, there are a number of factoring companies in New York. This can hamper small business growth and worse- missing bank repayments, making supplier payments or even payroll. Small construction firms (less than 500) employed over 283,000 workers with payrolls of $17.2 billion! 5 But dealing with subcontractors and the like can be a headache without the right financial partner.ĭoing business in these industries can result in payment delays from customers. Like Florida and California, construction in New York is booming. Professional services often include legal and accounting services to other businesses. Given the famous Garment District and the thousands of textile and retail shops across NYC and the state, it’s no surprise that trade is on this list. Invoice factoring is a popular small business fundingoption for many businesses in the state of New York. These behemoths have ample access to funding through the capital markets, especially with yield hungry investors, both individual and institutional. It’s no news that Wall Street is big business. And other options such as merchant cash advances have sky high loan rates. If you need capital to pay for this week’s payroll, a bank won’t be of much help. And obtaining a traditional small business line of credit from a merchant bank is very difficult and time consuming, especially for companies with limited operating history and profitability. Taking on more debt for your financing needs isn’t always the best option- it could even violate existing covenants your business may have with other creditors. A better solution is invoice factoring-the discounted sale of accounts receivable to a third-party. ![]() Small businesses often wait 30/60/90 or even 180 days for payment. This could cause delayed payments for the small businesses who invoice these municipalities for contracting work or other services rendered. While the individual towns in New York state are in relatively solid fiscal condition, it’s on the county level that the most problems exist- 18% of counties are under fiscal stress as a 2014 report shows but that number could easily soar if interest rates rise. Despite improvements in the number of municipalities experiencing ‘financial distress, it’s hard to ignore the cyclicality the state’s economy follows (a large percentage of state revenue comes from the financial sector). Still, New York can be a tough place to do business with higher taxes. There is significant business expansion into the Upstate region with the help of incentives programs, especially for manufacturing companies. 2 While most of these businesses are from New York City or Long Island, there are many from the Hudson and Mohawk Valleys as well as the Finger Lakes region. In fact, there are over 455,000 small businesses in New York and that number swells to roughly 2 million when adding the self-employed. Overall, New York small businesses generate nearly one trillion in annual receipts, roughly 43% of the states total, and nearly 4 million jobs. While global mega-banks dominate New York City’s headlines, its actually small businesses that are most important to the state’s financial health. Invoice Factoring in New York New York Invoice Factoring Small Business Line of Credit: You’ve Arrived.Industrial and Commercial Bank of China.Security Service Federal Credit Union Reviews.
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