Invoice factoring, also known as accounts receivable financing, is a funding solution companies use to obtain quick cash to pay bills, meet payroll and more.
The process works by selling your invoices to a Portland factoring company in exchange for quick cash. Scale Funding offers same-day funding, low rates and high cash advances, making it your top choice.
While business loans and lines of credit are common funding solutions companies use, they’re not always an available or the best option depending on your cash-flow need. Here are a few of the differences.
Portland Accounts-Receivable Financing Program
Business Loans & Lines of Credit
|Quick, 15 minute approval process||Lengthy approval process|
|Eliminates cash-flow gap from slow-paying customers/td>||Cash-flow gap is still present|
|Same-day funding||Funding in 1-3 months|
|No debt created||Debt added|
|Approval amount dependent on your sales volume||Approval among dependent on your credit and financial history|
|Free credit checks on your customers||No credit checks|
Our Portland invoice factoring programs are custom and flexible to work with your business needs and situations. We offer monthly financing lines from $50,000 to $20 million giving you the ability to grow.
If you have a cash-flow gap caused by slow-paying customers and need access to working capital, we can fund you. From start-ups and growing companies to those with financial troubles, Scale Funding can help because our programs are dependent on your sales volume rather than your credit.
Get started today with our Portland factoring company programs. We’ll get you approved within 15 minutes and funded same-day.
Any industry that invoices other businesses and is waiting to get paid can benefit from our Portland accounts-receivable financing programs. Since 1994, we’ve funded many industries including:
|Trucking & Freight: general freight, hotshots, flatbeds, refrigerated trucks, heavy hauling and more||Government Contractors: local, state, federal, construction, security, defense, technology and more|
|Staffing Agencies: healthcare, medical, administrative, general labor, clerical, temporary placements and more||Telecom & Wireless: cell tower contractors, wireless contractors, BTS installation, fiber optic installation and more|
|Oilfield Service: drilling, frac sand suppliers and haulers, gravel haulers, water haulers, site preparation and more||Utility & Pipeline: pipeline construction and maintenance, utility locators, sewer maintenance and construction and more|
|Heavy Construction: environmental services, welding, HDD, excavating, heavy equipment rentals and more||Technology: security, network administration, software development, IT consulting and more|
|Renewable Energy: solar, wind, water, site preparation, maintenance and operations contractors and more||Many More: wholesale, manufacturing, distribution, apparel, janitorial services and many more|
Portland is the most populated city in Maine followed by Lewiston and Bangor. According to the latest estimate by the U.S. Census bureau in 2015, Portland’s city population was around 67,000, up slightly from the 2010 census. Portland has a larger metro area, the Greater Portland metropolitan area, with an estimated population over 515,000 in 2015 which amounts to a third of Maine’s overall population.
Portland’s economy has taken a shift in recent decades from historically being manufacturing and fishing heavy to now more diversified including trade, transportation and utilities, professional and business services, retail, government and education. While Portland, and Maine for that matter, does not have any Fortune 500 company headquarter offices, it does have many large companies that employee a decent amount of the skilled workers in the city. WEX (financial services), Maine Employers’ Mutual Insurance Co., Oakhurst Dairy, Redlon & Johnson (plumbing products), and Wright-Ryan Construction are just a few of the top contributors.
With the whole state of Maine employing over 59,000 in education, Portland reflects comparable statistics. Portland is a highly-educated community with over 36 percent of residents over the age of 25 having completed a bachelor’s degree. Education starts from the ground up with numerous K-12 schools and private schools as well as four higher education institutions.
Not surprisingly, Portland received its name partly from being a major port city on the Eastern coast and still today is one of the main trading ports in the United States. The port allows Portland to continue its stronghold on paper and pulp trade as well as fishing, boasting an annual lobster catch bigger than any other city in the country.
As one of the state’s fastest growing industries, the healthcare industry now employs roughly eight percent of Maine’s population. Services range from emergency, hospitals, ambulances, and specialized care to various outpatient facilities. “Registered nurse” is the number-one job title in the state. Maine Medical Center in Portland serves as the third largest employer in the state and first opened in 1874. It has since become a teaching hospital and has been recognized for advancements in pediatric diabetes, oncology and cardiology.
Finally, the historic breadwinner industry is manufacturing. Even though the focus has shifted to other industries, manufacturing still has a decent-sized presence in Portland with various manufacturing outfits from food and clothing to whole ships. Bath Iron Works Corporation was founded in 1826 on the Kennebec River and has been a go-to for the U.S. Navy’s destroyers and frigates. Today, the company continues to build ships as well as repair them. L.L. Bean is another contributor to the industry with factories, distribution centers, and retail storefronts for its outdoor apparel and gear.
Portland is one of the oldest cities in the United States, dating back to the first settlement in 1623 by a European Naval Captain, Christopher Levett, who returned to England to write a book of his adventures. The small band of settlers he left were ill-fated due to the Indians in the area. The area of Portland was permanently settled in 1632 as a fishing and trading town named Casco. The town went through a series of destruction and rebuilding periods over the course of the next 40 years with the King William’s War, the Battle of Fort Loyal and the American Revolution. Following the end of the Revolution, the salvageable part of the settlement was rebuilt and developed into a commercial port which grew rapidly with shipping business. The citizens of the area built a separate city which would become present-day Portland.
In 1812, Maine officially became a state as Portland was named its capital, which would later be moved north to Augusta. The city began to take shape as homes, a town square and churches were built.
The prohibition era in the United States began in Maine in 1851 when they passed the first state law which prohibited the sale of alcohol for non-medicinal purposes. Subsequent states quickly followed as did riots and opposition, especially in Portland with the Portland Rum Riot in 1855. As a result of the rioting, the law was repealed in 1856.
The Great Fire of July 4, 1866 resulted in monumental destruction of the city’s commercial buildings, churches, and hundreds of homes, leaving over 10,000 homeless. Portland was rebuilt with brick which changed the overall appearance of the city. During this time period, famous architects Alexander Parris, Charles Alexander and Henry Rowe introduced Victorian and Gothic style to the city’s new commercial buildings and homes.
Focuses would soon shift to the newly built Grand Trunk Railway stretching to Montreal which would link the two cities together and provide the main ice-free winter seaport for exports to Canada. The first major passenger terminal, Union Station, was also built around the same time in 1888. Manufacturing began to take root with The Portland Company manufacturing more than 600 steam locomotives which would be used on the additional rail lines merged in 1911. Beginning in 1923 and due to advancements in Canada’s rail system, exports were diverted from Portland to Halifax, Nova Scotia, and later Montreal, which caused an economic downturn in the city. World War II brought some much-needed business to the area with sailors requiring food and recreation while stationed on the coast. The U.S. Navy presence expanded with the addition of a fleet post office, naval dispensary, routing office and various other administrative efforts.
A few decades went by without any sustainable growth in Portland until retail was thrust into the scene with the construction of the Maine Mall in the 1970s. Many other retailers began to follow suit as the city had become a large tourist attraction for its proximity to the Atlantic Ocean and scenic views. The incoming businesses reversed the economic downturn and growth began and continued well into the 1990s.
The Portland area is home to four colleges, universities and higher education institutions. These include Maine College of Art, University of Maine School of Law, University of New England – Westbrook College Campus and University of Southern Maine.
The Arts District
The Arts District in Portland is located on Congress Street and home to a huge array of performing arts and museum facilities. Portland Museum of Art, Maine Historical Society & Museum, Children’s Museum of Maine and the SPACE Gallery are all key art attractions in the district. Performing arts/arts offerings include Portland Stage Company, Maine College of Art, Merrill Auditorium and Portland Symphony Orchestra.
Recreation and Historic Sites
Portland is home to many recreational parks and spaces including Lincoln Park, Riverton Park, Baxter Woods and Portland Trails. There are various beaches, waterfront sites, lighthouses, and shore lines to visit as well. The Cathedral of the Immaculate Conception is a prominent building in the skyline as well as the almost-ancient Victorian and Gothic architecture throughout the city.
Portland is home to three minor league teams – the Portland Sea Dogs (baseball), the Maine Red Claws (basketball) and the GPS Portland Phoenix (soccer). There were several minor league ice hockey teams at one time however they have since disbanded.
Many notable people have called Portland home including author Stephen King, actresses Liv Tyler and Anna Kendrick, and Olympic swimmer Ian Crocker.