Information for the city of Newark
More than 100,000 people commute to Newark on weekdays, making it the state's largest employment center with many white collar jobs in insurance, finance, import export, health care, and government. As a major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city is also a ""college town"", with nearly 40,000 students attending the city's universities and medical and law schools. Its port and rail facilities make Newark the busiest transhipment hub on the East Coast in terms of volume.Though Newark is not the industrial colossus of the past, the city does have a considerable amount of industry and light manufacturing. The southern portion of the Ironbound, also known as the Industrial Meadowlands, has seen many factories built since World War II, including a large brewery. The service industry is also growing rapidly, replacing those in the manufacturing industry, which was once Newark's primary economy. In addition, transportation has become a large business in Newark, accounting for more than 17,000 jobs in 2011.
Newark is one of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state's Economic Development Authority. Developers who invest a minimum of $50 million within 0.5 miles of a train station are eligible for pro rated tax credit. Since the election of Cory Booker there has been millions of dollars of public private partnership investment in Downtown development but persistent underemployment continue to characterize many of the city's neighborhoods. Poverty remains a consistent problem in Newark. As of 2010, roughly one third of the city's population is impoverished.Newark is the third largest insurance center in the United States, after New York City and Hart. The companies originated in the city. The former, one of the largest insurance companies in the world, has its ""home office in Newark and is constructing a new office tower. Many other companies are headquartered in the city, In addition to other benefits to encourage employment within the Zone, shoppers can take advantage of a reduced 3�% sales tax rate (versus the 7% rate charged statewide) at eligible merchants. While for years there was a dearth of supermarkets, since the millennium new ones have opened or are planning to, (1990 pop. 275,221), seat of Essex co., NE N.J., on the Passaic River and Newark Bay; settled 1666, inc. as a city 1836. It is a port of entry and the largest city in the state. Located only 8 mi (13 km) W of New York City, Newark is a transportation, industrial, commercial, and manufacturing center. Its leather industry dates from the 17th cent., and its still significant jewelry manufactures and insurance businesses began in the early 19th cent. Among the city's many other products are beer, cutlery, electronic equipment, textiles, pharmaceuticals, fabricated metal items, and paints.
Newark International Airport is one of the nation's busiest, and the important seaport is operated by the Port Authority of New York and New Jersey. The city has a large minority population; over 50% of its residents are African Americans and about 30% are Hispanic. Newark's educational institutions include a campus of Rutgers Univ., the New Jersey Institute of Technology, a campus of the Univ. of Medicine and Dentistry of New Jersey, and a preparatory academy founded in 1774. The New Jersey Devils professional hockey team plays in the city.Landmarks include Trinity Cathedral (1810, with the spire of a church built in 1743); the Sacred Heart Cathedral (begun 1899, completed 1954); the First Presbyterian Church (1791); the Newark Public Library (founded 1888); the Newark Museum (1909); and the county courthouse (1906), with Gutzon Borglum's statue of Lincoln in front. Other points of interest include Borglum's large group Wars of America (1926) in Military Park (a Revolutionary War drilling ground and a Civil War tenting area) and many historic homes. Aaron Burr and Stephen Crane were born in Newark.
The city was settled (1666) by Puritans from Connecticut under Robert Treat. It was the scene of Revolutionary skirmishes. Industrial growth began after the American Revolution, aided by the development of transportation facilities. The Morris Canal was opened in 1832, and the railroads arrived in 1834 and 1835. A flourishing shipping business resulted, and Newark became the area's industrial center. In the late 19th cent. its industry was further developed, especially through the efforts of such men as Seth Boyden and J. W. Hyatt. Newark Port opened in 1915, and the city's shipbuilding played an important role in World War I.During the latter half of the 20th cent., Newark's economy and living standards greatly declined. Many residents fled to the suburbs, which were marked by a boom in corporate development, shopping center growth, and housing construction. Poverty and unemployment plagued Newark, which in July, 1967, was the scene of a major race riot. Two bright spots have been the port, which since 1985 has had a steady increase in volume of exports of containerized cargo, and Newark International Airport, which has expanded greatly. As part of an effort to revitalize the downtown, the New Jersey Performing Arts Center opened in 1997; an indoor arena and outdoor stadium have been constructed since then
Information for the state of New Jersey
"Only four states are smaller in size than New Jersey, yet New Jersey ranks ninth in the nation in population and has the highest population density of any U.S. state, facts owing in part to its proximity to both New York City and Philadelphia but also indicative of its economic importance. New Jersey is a major industrial center, an important transportation corridor and terminus, and a long-established playground for summer vacationers. The state is noted for its output of chemicals and pharmaceuticals, machinery, and a host of other products, including electronic equipment, printed materials, and processed foods.
Bayonne is the terminus of pipelines originating in Texas and Oklahoma, and there are oil refineries at Linden and Carteret. New Jersey has been a leader in industrial research and development since the establishment in 1876 of Thomas Edison's research facility in Menlo Park. Color televison, the videotape recorder, and the liquid crystal display were invented in New Jersey corporate research labs. Today telecommunications and biotechnology are major industries in the state, and the area near Princeton has developed into a notable high-tech center. Finance, warehousing, and ""big box"" retailing have also become important to the state's economy, attracting corporations and shoppers and to a large extent reversing New Jersey's onetime role as a suburb for commuters to New York City and Philadelphia.
In addition to being a center of industry, transportation, and tourism, New Jersey is a leading state in agricultural income per acre. The scrub pine area of the southern inland region is used for cranberry and blueberry culture. North of the pine belt the soil is extremely fertile and supports a variety of crops, most notably potatoes, corn, hay, peaches, and vegetables (especially tomatoes and asparagus). Dairy products, eggs, and poultry are also important. Commercial and residential expansion, however, has taken over much of the state's farmland, and New Jersey is now almost one third developed."
NO DEBT - JUST CASH
New Jersey Factoring Company
Why not start considering to use factoring businesses as a way to change your motive and give yourself a more comfortable future in the eyes of your staff and your bank balance? -New Jersey Factoring Company
DO YOUR RECEIVABLES TURN AS QUICKLY AS YOU WOULD LIKE
New Jersey Factoring Company Articles
Factoring Companies - Benefits
Factoring companies offer a wide variety of benefits to businesses. Factoring companies conduct financial business by allowing a business to sell its invoices to a factor (also known as a third party business or individual.) The price that the business charges is discounted in order to sell the invoices that are currently held, and make the cash that is immediately needed for any type of expenditures involving the business. A business that has immediate cash needs, but has no cash to pay for the expenditures that has occurred often ends up going under and eventually shutting down completely. This takes a lot of jobs away from people, and can leave you working for someone else, no longer running for your business. No one wants to take this large step down from the current place that they are in. A business owner has worked incredibly hard to get to where he or she currently is, and does not deserve to have their business become obsolete. This is where the factoring companies can be a huge help to businesses.
Keep in mind that factoring companies do not use the same process as invoice discounting. Instead, invoice factoring (also called the “Assignment of Accounts Receivable” by the FASB and GAAP) is the sale of invoices, instead of invoice discounting which involves collateral in order to ensure that the individual who took out the invoice discounting loan will pay it back. Factoring is not a loan; instead, factoring is the sale of invoices in order to get immediate cash. There is no loan in the process of factoring, and you will never have to pay the money back.
Since the invoices that are sold are also called receivables, the entire process of factoring is usually called the sale of receivables. Receivable factoring is much better than trying to take a loan out from the bank. Banks charge interest on any type of loan, and although there is usually collateral, it can put you in even more debt than you currently are. In addition, factoring companies are never going to give you a loan. When a factoring company funds your discounted receivable, he or she will choose to buy the receivable, giving you cash immediately. This cash can pull your entire business out of the hole that it is currently in. Instead of taking a loan out and getting yourself further into debt, factoring allows you to simply sell your own invoices and get back most of the money that you originally put into them. Although this may seem like a bad process since you are selling valuable invoices, it is important to do, as the invoices are completely useless if your entire business goes under. Instead of trying to take a loan out to keep all of your receivables (invoices) factoring companies benefit you directly by giving you the cash you need.
Benefits of Factoring Companies / Invoice Factoring / Receivable Factoring
When you are in a bind and really need money in order to get through the next few months, it can be very troublesome. Although the first thought in most peoples’ minds would be to visit the nearest bank as soon as possible and take out some kind of loan, this is very dangerous. Although the loan may hold your business over for the next few months, it is simply delaying the same money crunch you already had. Unless your business is making an incredible amount of money, the bank loan that you took out has increased in the price that you must pay bank. Interest on a bank loan is how the banks make money and survive. Many loans have a very high interest rate, and if you are unable to pay the loan back in a short amount of time, you are going to be in more of a money crunch than you originally were in. In order to pay back the loan, you would have to make a large amount of money in a very short time, which is unlikely if you needed to take out the loan in the first place.
Rather than bothering with bank loans that will inevitably put you back in the money hole that you were in when you took it out, factoring companies are available to help you. A factoring company is a place where businesses can place their invoices for sale at a discounted price, which will allow them to receive immediate cash. As aforementioned, this money does not need to be paid back, as it is not a loan. Keep in mind, you are not selling your business. You are selling invoices in order to keep your business growing. You will be able to get more invoices in the future when your business is back up and running, but if you do not sell these invoices, you will never be back up and running.
When you are in a money crunch, don’t put yourself back in the money hole that you are in by taking out a bank loan. Utilize factoring companies in order to get immediate cash that will help you get back up and running without putting a loan on your business.
NO DEBT - JUST CASH
New Jersey Factoring Company Articles
Medical and Healthcare Factoring
Receive Payment Today! No Waiting Weeks for Reimbursement!
It's certainly no secret that Medicaid, Medicare, HMOs, Workers' Compensation, and other private insurers can take a LONG time to pay your invoices! But now there's good news for healthcare professionals! Now you don't have to wait weeks, sometimes months, to collect on your medical receivables. If you're a healthcare professional and you provide medical or healthcare-related services of any type, we're here to help you!
The Difference between Healthcare Factoring and Medical Factoring
Healthcare factoring and medical factoring are phrases that are often used interchangeably, probably understandably, but there is a difference between these two. The difference is that healthcare factoring applies when there's no third party payer involved, while a medical factoring company is used when there is a third-party payer involved.
Healthcare Factoring and Medical Receivables Factoring are available for the following healthcare providers -
- Group and Sole Practitioners
- Physical Therapy and Rehabilitation Facilities
- Durable Medical Equipment
- Medical Coding Services
- Medical Billing Services
- Medical Supply Companies
- Medical Staffing Companies
- Medical Transportation
- Medical Transcription Services
- Ambulance Providers
- Nursing Homes
- Imaging Facilities, such as providers of X-Rays, MRIs, CT Scans, and so on
- Home Healthcare Providers - both Medical and Non-Medical,
- And more! Healthcare Receivables Factoring
Generally, healthcare receivables are associated with customers who are not third-party payers. Some common healthcare sectors include medical staffing companies, medical transcription services, medical billing and coding services, and medical supply companies. When these vendors utilize healthcare factoring they're free to enjoy the benefits of an almost unlimited line of credit - all based on the services they've provided. A simple explanation of factoring healthcare receivables is as follows-
- When work has been completed, the healthcare vendor will invoice their customer.
- These customers may include nursing homes, hospitals, medical offices, and so on.
- Next, the vendor will forward a copy of the billing documentation to the healthcare factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money into the vendors bank account. The amount deposited will generally be around 85% of the gross value of the invoice.
- The factoring company handles collections on behalf of the vendor, and will retain 15% while awaiting payment.
- Once the invoice has been paid in full, the factor will release the 15% - less their factoring fee - back to the vendor.
Medical Receivables Factoring
- Regardless of whether you're billing Medicaid, Medicare, HMOs, Blue Cross/Blue Shield, or third-party insurance companies, we have the perfect factoring solution for you. When you start factoring your medical claims you'll achieve instant benefits by receiving upfront capital; while the factor may have to wait months for your customers to settle their accounts. A simple explanation of factoring medical claims is as follows-
- The healthcare provider submits claims to the third-party payer, as usual.
- A copy of completed paperwork is then submitted to the factoring company.
- Within 24 hours, sometimes even less, the factoring company will deposit money directly into the medical provider's bank account: the amount deposited will typically be around 85% of the net collectable value.
- Once the claim has been paid in full by the third-party payer, the factoring company will release the remaining 15% - less their factoring fee.
New Jersey Factoring Company Articles
A ‘Factor’ is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as ‘Factoring’. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.
The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers’ credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer’s invoice,you’ll be paid the balance of the invoice – less the factor’s fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring
There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers’ payment and credit histories.Other benefits of factoring include:
• It can be customized to a business’s needs and managed to ensure that capital is available when it’s needed;
• It’s not based on your own business or credit history: it’s based on the quality of your customers’ credit;
• It’s not based on your company’s net worth: it provides a line of credit based on sales;
• There’s no limit to the amount of financing, unlike conventional bank loans;
• This financing will not show up as a debt on your balance sheet, because it’s not a loan.Who Uses Factoring?
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.
Can I Factor? My Company’s New, with No Financial History
Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It’s not really your company’s finances that the factoring company is concerned with; they’ll base their financing on your customers’ payment histories and credit scores.
What Percentage of My Invoices Should I Factor?
The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.
What’s the Difference between Factoring and a Bank Loan?
• The difference between factoring and a bank loan is that you’re not assuming any debt with factoring because it’s not a loan;
• With factoring, there’s no emphasis on your balance sheet – it’s all on your customer’s invoices;
• In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
• Factoring companies can also help improve your company’s balance sheet by assisting with your credit and collection functions;
• A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
• And of course, bank loans can be very difficult to get because they’re limited by your balance sheet.How Do You Start the Factoring Process?
The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.
Recourse and Non Recourse Factoring: What’s the Difference?
• With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
• With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It’s important to note that some factoring companies over offer both types of factoring – recourse and non recourse.
What Are the Contract Terms and Fees Applicable with Factoring?
There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.
Do I Need Credit Insurance on Debtors?
Insurance is not typically required, but in specific circumstances it may be.
You Can Find More Information at http://sellingaccountsreceivable.com/
and at Receivables Factoring at receivablesfunding.net