Many financial institutions can be found in the loop. JPMorgan Chase, Bank of America (through the acquisition of LaSalle Bank), BMO Harris Bank, and Northern Trust are the largest banks in Chicago. The Federal Home Loan Bank of Chicago is also located here. One of the Federal Reserve Banks, established in 1914, is located in Chicago. Many of America’s most prominent industrialists, corporate lawyers, and merchants hail from Chicago. Chicago’s Gross Metropolitan Product (GMP), now stands as the third-largest in the country, behind Los Angeles and New York. To put its economic prowess into comparison, Chicago’s total economic output in gross metropolitan products in 2020 was $770.7 billion – surpassing the total economic output of Switzerland. Economy of Chicago.Ĭhicago is a well-known transportation and distribution hub in the United States, proudly hosting 36 Fortune 500 companies. These are just a few of the industries that utilize invoice factoring services.īy using invoice factoring, companies are able to receive payment for their invoices within 24-48 hours instead of waiting for the client to pay them. Many industries in Chicago are using invoice factoring to cover outstanding invoices, increase working capital, and maintain cash flow. ![]() Get Factoring Loans For Your Chicago Business Invoice factoring is a quick and reliable way to increase cash flow quickly and consistently. If your cash flow is low and your invoices aren’t being paid on time, it can spell doom for your business. A lack of capital is one of the leading causes of small business failures. Factoring Service For Small Businesses In Chicagoįor small business owners, a steady cash flow is essential for your business’s growth and success. Invoice factoring allows businesses to eliminate payment delays and have the money to be immediately reinvested. You can focus on more important aspects of your business, such as building stronger relationships and customers.You save valuable time and money without needing collateral.It focuses more on the payment history of your customer. Factoring approval can be easier as it doesn’t require your credit score, financial collateral, and financing history.You can get money in your account faster, even before customers have paid their invoices.Factoring invoices are approved faster than traditional loans. ![]() When you work with us, you not only benefit from personalized service and decades’ worth of expertise, you also enjoy the following benefits: Benefits of Factoring Services for Chicago Companies.Ĭharter Capital is a receivables factoring firm with extensive invoice factoring experience. A gap in your cash flow can be detrimental to your company’s growth, but invoice factoring can fill that gap while eliminating the roadblocks that are presented by traditional bank loans.Īs a factoring company serving the Chicago area, we thoroughly enjoy doing business in this vibrant hub of finance, culture, commerce, industry, education, technology, and transportation. Invoice factoring is used by a number of industries to speed up cash flow and eliminate the waiting period for payment that is common with accounts receivables processes. The process is simple: it entails selling your open (unpaid) invoices to a factoring company, which then gives you the invoice value as a cash advance (minus a small transaction fee). Invoice factoring is an alternative source for business financing.
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