Many companies have trapped cash in their accounts-receivable due to slow-paying customers. Invoice factoring, also known as accounts-receivable financing, is a way to unlock the trapped cash and speed up your cash flow.
The process works by selling your invoices to a factoring company, at a discount, in exchange for instant cash. While there are many factoring companies in Akron and throughout the United States, Scale Funding prides itself as the top choice by offering low rates, high cash advances and superior customer service.
Business loans and lines of credit are another way that companies finance their business. However, if you’re waiting on slow-paying customers, loans and lines of credit will not eliminate your cash-flow gap like invoice factoring does.
There are also many other differences between the funding options. Here are just a few.
Akron Invoice Factoring Programs
Business Loans & Lines of Credit
|Quick approvals and setup process
|Lengthily approval and setup process
|Funding in 1-3 months
|No monthly interest
|No debt created
|Invoices serve as collateral
|Assets such as equipment and inventory serve as collateral
|Free credit reports on your customers and potential customers
|No credit services
|Financing limit grows as your business grows
|Financing limit is capped
From start-up companies to those growing rapidly, we can provide you with financing. We’re also able to fund those that are going through financial challenges such as credit issues, tax liens or bankruptcies.
As long as you’re waiting to get paid and invoice other businesses, we can help. Contact Scale Funding over other factoring companies in Akron and Ohio to get the working capital you need to meet payroll, pay bills and invest in new resources.
Since 1994, our Akron invoice factoring programs have provided a cash-flow solution to many different industries.
Located in northeastern Ohio, Akron is about 40 miles south of Cleveland. Akron is the fourth largest city in the state, with a population of almost 200,000 people.
In 1825, a community was founded in the area now known as South Akron. The community was given the name Akron, meaning “an elevation” or “high place” in Greek. When the first portion of the Ohio and Erie Canal was completed two years later (connecting Akron to Cleveland), the name became very fitting, as Akron was the highest point along the canal. Completion of the canal brought settlers and economic prospects as it made it easier to transport goods to and from Lake Erie. In the 1850s, Akron was connected to the railroad, leading to a variety of new industries, including stoneware, cereal and sewer pipe manufacturing. Additionally, two well-known tire and rubber manufacturing companies were established in Akron during this time, the B.F. Goodrich Company and the Goodyear Tire & Rubber Company. The rise in industries led to a rise in the population, as they brought a significant amount of people to the area looking for work. The early 1900s brought an increase in the demand for automobiles and Akron soon became known as the “Rubber Capital of the World,” a nickname that is still appropriate today.
Manufacturing is a significant part of Akron’s economy. In fact, manufacturing employs 16 percent of the workforce in the region. Upholding its nickname, Akron is home to the highest concentration of rubber manufacturing plants, materials and machines in North America. However, Akron’s manufacturing industry is no longer entirely dependent on the rubber market. Instead, the manufacturing industry has diversified and Akron has become one of the leading centers in the world for liquid crystal and polymer research and development. In fact, Akron is home to the only college in the world that is focused on the study of polymers, the College of Polymer Science and Polymer Engineering at The University of Akron. What started as a rubber chemistry program in 1910 has evolved to be the leading polymer development and research training center it is today. The polymer industry supports more than 31,000 jobs in the region. Out of the $2.4 billion in private investments to build 122 new plants in the Akron region over the past five years, 35 percent of these were direct investments in the polymer industry. This industry is in good company, as northeastern Ohio has the largest concentration of plastic and rubber plants in North America.
In line with Akron’s historic rubber industry, it also has an important automotive manufacturing industry. In the Akron region, there are 47 companies in motor vehicles, parts and body manufacturing, which supply more than 3,300 jobs to the workforce. The region is home to the global headquarters of three major companies in the industry: Goodyear Tire and Rubber Company, Eaton and Parker-Hannifan.
Possibly the most important manufacturing sector for Akron’s economy is fabricated metal manufacturing. In fact, 25 percent of all manufacturing related businesses in the region are fabricated metal manufacturing companies. Unlike the manufacturing sector in many other parts of the country, Akron has seen tremendous growth in this industry in recent years. Since 2009, primary metal manufacturing in the Akron region has grown 35 percent and fabricated metal products have grown 43 percent. Both industries are expected to see growth in revenues through at least 2025.
One of the emerging industries in Akron is the biomedical industry. In 2006, the Akron Biomedical Corridor was established, bringing together Akron’s three major hospitals, as well as the Austen BioInnovation Institute in Akron, the Northeast Ohio Medical University and the biomaterial center at the University of Akron. The Corridor was created to attract international biomedical companies and to act as a hub for innovation and research, through a collaborative environment where different fields can work together towards a common goal. The Corridor goes beyond providing working space, as they also have a variety of resources to encourage new startup companies into the business. One such resource is the Akron Global Business Accelerator, which assists startups in a variety of industries take their business to the next level by providing low cost space, business planning, accounting and more. Additionally, the Akron BioInvestments Fund helps to attract private investment to support the needs of the various research projects. The northeastern Ohio region currently ranks 5th in the world for neurotech healthcare and 6th in the world for neurodevice companies and the Corridor has been a vital part of this achievement.