Information for the city of Bridgeport
Bridgeport is the most populous city in the state of Connecticut. Located in Fairfield County on the Pequonnock River and Long Island Sound, the city had an estimated population of 144,229 at the 2010 United States Census and is the core of the Greater Bridgeport area.Black Rock is a neighborhood in the southwestern section of the city of Bridgeport, Connecticut. It was part of the Town of Fairfield before the State of Connecticut granted the land to Bridgeport. It borders Fairfield and the Ash Creek tidal estuary on the west, the West Side/West End of Bridgeport on the north and east, and Black Rock Harbor and Long Island Sound on the south.
The city is part of the Greater New York City Combined Statistical Area. It is the fifth largest city in New England (behind Boston, Worcester, Providence and Springfield). Bridgeport is the center of the 48th largest urban area in the United States, just behind Hartford (47th). Most of Bridgeport was originally a part of the township of Stratford.English colonists began settling along the Pequonnock River after 1639, quickly buying land from the Paugussett tribe or otherwise divesting them of it. The settlement became a center of trade, shipbuilding, and whaling. In the mid 19th century, the village rapidly industrialized, attracting immigrants to the growing number of factory jobs.
Industry stayed strong until after World War II. Industrial restructuring and suburbanization caused the loss of many jobs and affluent residents, leaving Bridgeport struggling with problems of poverty. In the 21st century, conversion of office buildings to residential, and other redevelopment is attracting new residents.The circus promoter and former mayor, arnum, was a famous resident of the city. Brnum built three houses there, and housed his circus in town during winters. The first Subway restaurant opened in the North End section of the city in 1965. The Pie Company was located here, and Bridgeport is credited as the birthplace of the Fris. According to the City's 2009 Comprehensive Annual Financial Report, the top employers in the city are:
Information for the state of Connecticut
The total gross state product for 2010 was $237�billion. The per capita income for 2007 was $64,833, ranking fourth, behind the District of Columbia, Delaware, and Alaska. There is, however, a great disparity in incomes throughout the state; although New Canaan has one of the highest per capita incomes in America, Hartford is one of the ten cities with the lowest per capita incomes in America.
As with Bridgeport, New Haven and other cities in the state, Hartford is surrounded by wealthier suburbs. New Canaan is the wealthiest town in Connecticut, with a per capita income of $85,459. Darien, Greenwich, Weston, Westport and Wilton also have per capita incomes over $65,000. Hartford is the poorest municipality in Connecticut, with a per capita income of $13,428 in 2000. There are other lower-income and blue-collar towns, mostly parts of towns, in the eastern part of the State.
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Factoring companies will, in exchange for your invoices, provide you with the cash today so that you don not need to worry about the waiting period that could make paying the bills and getting materials more difficult. -Bridgeport Factoring Companies
HOW I IMPROVED MY CASH FLOW IN ONE EVENING
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The Best Kept Secret in Financial Services: Freight Bill Factoring!
If you’re an existing owner of a trucking business, or perhaps you’re planning on starting a trucking business, then you may be interested in Freight Bill Factoring. Freight Bill Factoring helps trucking businesses, both large and small, achieve their overall business goals; but before making any final decision you must fully understand how Factoring works.
Freight Bill Factoring has become very popular with trucking businesses and is often referred to as the financial backbone of the trucking business. If you’re not familiar with Freight Bill Factoring, you may not know that factoring is a financing alternative for business owners: it gives them immediate access to additional financing capital they may otherwise not have access to. The process of Freight Bill Factoring is actually quite straightforward: it involves a factoring company purchasing bill of ladings at a discounted rate. This process is a win-win situation for both the trucking company who receives immediate funds and for the broker who pays for the invoices.
Freight Bill Factoring Is Not New!
Freight bill factoring is not a new idea; in fact, it has a long, rich tradition. Most civilizations that have engaged in commerce have also engaged in factoring in one form or another. For example, business relationships during the colonial period in North America were required to make cash payments in advance against Accounts Receivable in order for the business to continue with its commercial operations, prior to their users being paid for their goods. So, they were engaged in factoring!
Factoring Specialists Have Many Services to Offer
Of course, factoring has become a lot more sophisticated over the years, and today it’s focused on financial management, credit worthiness, and on collections. However, the basic concept of purchasing Accounts Receivable has stayed the same. In addition, the modern factoring company of today can do a lot more than just funding: a factoring specialist can assist clients by evaluating and setting credit limits, verifying customer’s credit worthiness, and professionally managing Accounts Receivable collections. Right across North America we see factoring companies existing in all forms and serving business sectors and industries of all types; and today, many large financial institutions even have their own factoring divisions. Generally, though, factoring companies are smaller, independently owned enterprises.
Banks Step Out as Factoring Steps In
Factoring has become very popular with trucking businesses because, as most business owners can verify, commercial lenders have become increasingly inflexible, with stricter regulations and ever-changing lending criteria. This inflexibility has forced both small and medium sized businesses to search for alternative financing sources, and this is where factoring has stepped in. Factoring is a simple, workable, solution-based process, providing an alternative for trucking businesses when traditional means of financing are not available. Factoring is proving to be a great financial remedy, particularly as banks and other lenders are becoming less friendly to small business owners.
Factoring Companies Operate Worldwide
The volume of factoring around the world has today exceeded the trillion-dollar mark! Factoring companies operate on every continent and, in the last four years, worldwide factoring transactions have increased by 60%. And that’s why we say that Freight Bill Factoring is the best kept secret in financial services!
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How Factoring Companies Help Trucking Companies
Commercial transportation play a vital role in the economic growth of any place; and the back bone of this large scale transportation is the trucking companies. Every trucking firm has contributed to the economic development of the place irrespective of how big or small they are. It is these trucking services that take the goods around by road or deliver goods on the shores or to the airport to be transported overseas. Unfortunately these companies face a lot of operational issues with relation to hikes in fuel prices and a credit period which affects their cash flow.
Are you heading one of these trucking companies and facing issues with operating costs? You are not alone and there is a solution. Factoring companies provide you the much needed relief by facilitating cash flow by using your accounts receivables. The operations of these companies are different from bank loans as it does not affect the debt to equity ratio. Here is a small instance to explain their role in making your trucking company a success. Consider a small firm with around 10 trucks. The firm is doing very well and is able to manage its operations efficiently. But it's not able to accommodate new clients due to lack of trucks and delay in payments from his current customers by 45-60 days. Factoring companies step in the gap, they buy your invoices and give you the cash you need to buy the new trucks and meet other expenses. These firms wait for the customer's to make their payments and you get to move on. This article throws light on how these factoring companies help trucking companies and why all trucking companies should use them.
Answers Concerns on Operating Costs
Factoring companies work towards providing you timely funds by supplying you the required amount as they wait for your customer to make payments. This allows you to make payments to your employees on time, pay off bills and fulfill other business commitments with ease. You also have the cash to repair your trucks in time to prolong the life of the vehicle. Factoring firms facilitate the smooth running of your business by eliminating the waiting period; especially considering the fact that some customers take 60-90 days to make payments. The best part is you use this service without facing any concerns about liquidity and this is why all trucking companies should use them.
Prevents and Eliminates Further Debt
Factoring firms bring in stability and avoid situations where you may require loans. Avoiding loans helps in keeping the debt to equity ratio low. This in turn improves your image and helps you take steps towards paying off your outstanding loans. Paying off bills on time therefor keeping your suppliers happy. The fees taken by factoring company is decided on the financial situation of the trucking firm and is usually 1-3 percent of the invoice value.
Offer Management Services
Managing your office is another option given by these companies. The service includes recording your accounts receivable, checking outstanding payments from customers and following up for timely payments. This gives you a hassle free environment to work and contribute to the growth of your business. In case you do not wish to hire them for managing your payment section, they provide online services for providing funds. You can send details in spreadsheets for requesting payment. They are quick to respond and precise in communication.
Checking Credit Worthiness of the Clients
Factoring companies maintain data on the credit history of prospective customers. They share this information with you once you begin working with them. This brings down the number of issues with non-payment and delayed payments. This is especially important for small and medium sized firms who are still growing and learning the intricacies of this business. It avoids getting in to situations which can jeopardize the sustainability of your company.
Cuts Down Over Head Cost
Hiring trucking factoring companies for back office operations is beneficial in many ways. First of all you do not need another set of professionals to run your office. Apart from being an overhead cost, you can reduce your time managing them. Giving this section away to factoring firms saves you a lot of precious time and money. And above all they provide high quality transparent service. With this you can stop chasing your customers for payments.
Builds Your Image
Time is precious and with trucking factoring companies you get to use this resource efficiently. They take care of customer's payment schedule and replenishing your reserves as the situation demands. This gives you the financial backup to take your business to the next level. You get to make sound decisions about buying more trucks and paying off your debts to improve the credibility of your firm. Apart from this you also get to work on your firm’s future. This will include knowing your new client requirements and understanding if you will be able to accommodate them. Trucking factoring companies help you run your business more smoothly.
Choosing the right factoring company is essential for the smooth running of your business. Cost is only one of the determining factors when deciding on the firm. Verify their credibility and experience in this field before signing a contract. You may also want to know about online services and customer credit verification services if you are looking for a complete package. The time between placement of request and receiving of funds is vital. Be sure to understand all their terms and conditions before committing with a company.
Trucking factoring companies have redefined the operations of a trucking firm.. They have improved the effectiveness of small and medium sized firms. Gone are the days when smaller trucking companies had to shut down due to poor funds. Factoring companies step in the gap and give them the best chances of surviving and achieving success. Choose a reputed factoring firm and soar to higher places sooner than expected.
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Why Do Companies Choose Factoring?
We know that factoring is the ideal way for a business to access instant cash on their company’s receivables, but there are other important benefits as well. Factoring can be a very handy financial instrument for many businesses.
Listed below Are Six Key Benefits of Factoring
No. 1: Back Office Solutions
Anyone running a business knows just how time consuming and expensiveit can be collecting payments from customers. When you employ a factoring company they’ll take over that role for you using their own collection specialists: it’s their job to follow up with customers until such time as your account has been paid in full. In addition, some factoring companies use online accounts, which means that you’ll have the ability to track your customers’ payments in real time.
Handing this time consuming part of your business over to the factoring company frees up your time to do what you do best – running your business, looking for new business opportunities, and providing your customers with excellent customer service.
No. 2: Better Quality Customers
Some factoring companies have their own rating systems for companies involved in your industry, in addition to having access to credit data on companies that could well become your new customers, and days pay information. Others create their own rating systems for companies working in your industry, which allows you to make calculated, informed decisions about both existing and new customers.
No. 3: Instant Access to Cash
When a company provides goods or services on credit it usually has to wait somewhere between 30 and 90 days for customers to pay on their invoice, and this very often leads to cash flow problems for the business. And that’s the beauty of factoring! When you use a factoring company you’ll typically receive an advance on an invoice within 24 hours. This immediate injection of cash allows businesses to purchase additional equipment, employ new staff, and cover other business expenses.
No. 4: Growing Your Business
Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. In addition, factoring is very simple to set up. A factoring account can be created within a matter of days, whereas a traditional bank loan can take weeks. And, there’s no limit to the amount of funding a factoring company can provide, unlike bank loans. Of course, this is assuming the factoring company you choose to work with has a strong capital structure. Over a period of time, the volume of factoring can increase within months – from thousands to millions of dollars.
No. 5: Funding for Start Ups
Start Ups quite often require financing to get their business up and running; but because they have no cash flow statements or balance sheets, and no business history, they’re highly unlikely to qualify for cash flow or asset based lending.
Factoring is not concerned about these requirements because it’s main interest is in the credit history of your customers. Before a factoring company offers you financial assistance it will examine your customers’ credit scores, their payment patterns, and general financial health. Typically, the factoring company will not be interested in how long your company has been operating.
No. 6: Factoring Is Not a Debt
Factoring does not become a debt to your business because it’s not a loan. Your business receives financial support from the factoring company as and when you accumulate invoices, and the matter is settled once your customers have paid in full. It’s true that if you’re utilizing recourse factoring, you, as the factoring client, assume the risk if your customers default on payment; however, factoring companies usually allow businesses to work off that amount by retaining a portion of reserve payments or future cash payments.
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