Information for the city of Jacksonville
Jacksonville's location on the St. Johns River and the Atlantic Ocean proved providential in the growth of the city and its industry. Jacksonville has the largest deepwater port in the South (as well as the second largest port on the U.S. East coast) and a leading port in the U.S. for automobile imports, as well as the leading transportation and distribution hub in the state. However, the strength of the city's economy lies in its broad diversification. While the area once had many thriving dairies, this aspect of the economy has declined over time. The area's economy is balanced among distribution, financial services, biomedical technology, consumer goods, information services, manufacturing, insurance and other industries.Jacksonville is a rail, air, and highway focal point and a busy port of entry, with Jacksonville International Airport, ship repair yards and extensive freight handling facilities. Lumber, phosphate, paper, cigars and wood pulp are the principal exports; automobiles and coffee are among imports. The city's manufacturing base provides just 4.5% of local jobs, versus 8.5% nationally. According to in 2007, Jacksonville, Florida ranked 3rd in the top ten U.S. cities to relocate to find a job. Jacksonville was also the 10th fastest growing city in the U.S.Jacksonville is home to many prominent corporations and organizations, including the headquarters of four Fortune 500 companies: are also based in Jacksonville.In 2008, Jacksonville had approximately 2.8 million visitors who stayed overnight, spending nearly $1 billion. Research Data Services of Tampa was commissioned to undertake the study, which quantified the importance of tourism. The total economic impact was $1.6 billion and supported nearly 43,000 jobs, 10% of the local workforce.Cecil Commerce Center is located on the site of the former Naval Air Station Cecil Field which closed in 1999 following the 1993 Base Realignment and Closure (BRAC) decision. Covering a total area of 22,939 acres (92.83 km2), it was the largest military base in the Jacksonville area. The parcel contains more than 3% of the total land area in Duval County (17,000 acres (69 km2)). The industrial and commercial zoned center offers mid to large size parcels for development and boasts excellent transportation and utility infrastructure as well as the third longest runway in Florida.To emphasize the city's transportation business and capabilities, the Jacksonville It was formally registered on August 4, 2009. Cornerstone began promoting the city as ""Jacksonville: America's Logistics Center"" in 2009. Signs were added to the existing city limit markers on Interstate 95.Jacksonville is home to multiple military facilities, and with Naval Submarine Base Kings Bay nearby gives Jacksonville the third largest naval presence in the country. Only Norfolk, Virginia and San Diego, California are bigger. The military is by far the largest employer in Jacksonville and its total economic impact is approximately $6.1 billion annually. Blount Island Terminal with the Dames Point Bridge in the background.Naval Air Station Jacksonville is a military airport located 4 miles (6.4 km) south of the central business district. Approximately 23,000 civilian and active duty personnel are employed on the base. There are 35 operational units/squadrons assigned there and support facilities include an airfield for pilot training, a maintenance depot capable of virtually any task, from changing a tire to intricate micro electronics or total engine disassembly. Also on site is a Naval Hospital, a Fleet Industrial Supply Center, a Navy Family Service Center, and recreational facilities.Naval Station Mayport is a Navy Ship Base that is the third largest fleet concentration area in the United States. Mayport's operational composition is unique, with a busy harbor capable of accommodating 34 ships and an 8,000 foot (2,400 m) runway capable of handling any aircraft used by the Department of Defense. Until 2007, it was home to the aircraft carrier USS John F. Kennedy, which locals called ""Big John"". In January 2009, the Navy committed to stationing a nuclear powered carrier at Mayport when the official Record of Decision was signed. The port will require approximately $500 million in facility enhancements to support the larger vessel, which will take several years to complete. The carrier is projected to arrive in 2019, however an amphibious group is coming sooner.Blount Island Command is a Marine Corps Logistics Base whose mission is to support the Maritime Prepositioning Force (MPF) which provides for rapid deployment of personnel to link up with prepositioned equipment and supplies embarked aboard forward deployed Maritime Prepositioning Ships (MPS).USS Jacksonville, a nuclear powered Los Angeles class submarine, is a US Navy ship named for the city. The ship's nickname is The Bold One and Norfolk, Virginia is her home port.The Florida Air National Guard is based at Jacksonville International Airport.Coast Guard Sector Jacksonville is located on the St. Johns River next to Naval Station Mayport. Sector Jacksonville controls operations from Kings Bay, GA south to Cape Canaveral, FL. The CGC Kingfisher, CGC Maria Bray, and CGC Hammer are stationed at the Sector. Station Mayport is co located with Sector Jacksonville and includes 25 foot (7.6 m) Response Boats, and 47 foot (14 m) Motor Life Boats.The Port of Jacksonville, a seaport on the St. Johns River, is a large component of the local economy. Approximately 50,000 jobs in Northeast Florida are related to port activity and the port has an economic impact of $2.7 billion in Northeast Florida
Information for the state of Florida
"In the twentieth century, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state's economic development. The Gross Domestic Product (GDP) of Florida in 2010 was $748 billion. Its GDP is the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods.The major contributors to the state's gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively.
In 2010 and 2011, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006and 2007. Chief Executive Magazine name Florida the third ""Best State for Business"" in 2011. Agriculture is the second largest industry in the state. Citrus fruit, especially oranges, are a major part of the economy, and Florida produces the majority of citrus fruit grown in the United States. In 2006, 67% of all citrus, 74% of oranges, 58% of tangerines, and 54% of grapefruit were grown in Florida. About 95% of commercial orange production in the state is destined for processing (mostly as orange juice, the official state beverage). Citrus canker continues to be an issue of concern. From 1997 to 2013, the growing of citrus trees has declined 25%, from 600,000 acres (240,000 ha) to 450,000 acres (180,000 ha). Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about 60 million visitors to the state every year. Florida was the top destination state in 2011. 42% of poll respondents living in the Northeast United States said they planned on visiting Florida over spring break.
Amusement parks, especially in the Orlando area, make up a significant portion of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months. 23.2 million tourists visited Florida beaches in 2000, spending $21.9 billion"
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Jacksonville Factoring Companies
Because factoring provides instant access to cash, it offers you the flexibility to grow your business at a faster pace. -Jacksonville Factoring Companies
NEW FACTORING PROGRAM LEAVES YOUR COMPANY ROLLING IN PROFITS
Jacksonville Factoring Companies Articles
Important Points to Remember When Choosing Your Factoring Company
Now that you’ve decided that factoring would be a solid business decision for your company, the next step is to find the perfect factoring company for you. Once you start looking you’ll discover that there are many factoring companies (or ‘factors’) in the marketplace, and this is the perfect situation for you as a potential factoring client.
But it can also be confusing, because now you have to find the right factoring company to suit your business’s needs. To assist you in making the right decision we’ve listed below the main issues that should be considered when choosing a factoring company.
Factoring Fees and Terms
Before making your final decision and entering into a factoring agreement, check out the fees applicable and the terms of the contract. Both of these can vary a lot, depending on the factoring company and the industry it's serving. When you start your research you’ll discover that some factoring companies charge a flat fee: this fee is, in effect, a certain percentage of the total value of the customer invoices you sell to them; whilst others have additional charges to cover the general costs of doing business – such as, money transfers, shipping, collateral, and so on.
Ensure that the factoring company you’re considering working with is transparent and upfront with you about its fee structure. In addition, you may want to consider a long term contract with your factoring company if it includes flexible rates or a price break. If you’re receiving competitive offers from other factoring companies or you have increased factoring volume, you’ll discover that many factoring companies will be prepared to adjust their rates. A one year contract is the industry standard for most factoring agreements. Generally, unless you give your factor a 60 or 90 day notice, your factoring contract will automatically renew.
What’s the Difference between Recourse and Non Recourse Factoring?
It’s important that you understand the difference between recourse and non recourse factoring prior to choosing your factoring company, because you need to know what the best fit would be for your company and your customers. So, with non recourse factoring, all of the credit risks for the collection of the invoice belong to the factoring company; while recourse factoring means that, with you being the client, you’ll ultimately be responsible if the factoring company is unable to collect payment on your customers’ invoices.
There are benefits to recourse factoring, and perhaps the main benefit is that it’s less expensive than non recourse factoring. If you have a recourse agreement and the customer defaults on payment, it doesn’t automatically mean that you’ll be asked to settle the debt out of pocket. Generally, what happens is that the factor will hold back a portion of either future cash advances or payments being held in reserve, with the money being placed in an escrow account awaiting settlement of the debt.
Our suggestion is that you find a factoring company that offers both recourse and non recourse factoring, because not all of your customers will be good candidates for recourse factoring. An experienced factoring company working with a strong credit team can also behelpful in ensuring you’re working with good customers: this will relieve some of the pressure of being stuck with bad debt.
Experience and Capital: The Two PreRequisites
Your company should be looking for a factoring company with experience in your industry, including the capital structure to fund your business as it continues to grow. Once you start researching factoring companies you’ll discover that there are a lot to choose from; however, many of these are recent start ups with limited experience. Prior to signing any factoring agreement, do your research and look into the history and background of the factoring company concerned, especially its ability to provide financial services in your area of expertise.
The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you.Research the factoring company’s client base and their capital structure. What’s a typical account size? What’s the factoring volume of their largest client? Is the factoring company limited to how many debtors it can handle? In general, factoring companies that have been serving your industry for many years will usually be able to offer your business the best deal.
Additional Factoring Services
There are many more benefits to factoring than simply increasing your company’s cash flow. Because the factoring company will be handling the collection of your customer’s invoices, your company will be saving time and resources. A good factoring company will also be able to evaluate companies in your industry and provide credit information. In short, your factor will ensure that you experience excellent customer service. You’ll be matched with your own representative who’ll be able to address any questions or concerns you may have about your factoring account.
So, when researching factoring companies, look for a factor who not only offers additional products but provides a high level of customer service that will help your business grow by assisting you in making smart business decisions.
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Jacksonville Factoring Companies Articles
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.
Jacksonville Factoring Companies Articles
Business Is Booming but Your Company’s Cash Strapped!
A business needs good cash flow for many reasons, and many businesses have learned the hard way that business can be booming but they can still suffer from cash flow problems. There are many scenarios where a business might urgently require access to cash: it could be due to the sudden growth or expansion of a business, a major transaction may need to be expanded, perhaps there’s a need to purchase equipment or even to employ more personnel.
Interestingly, research shows that many businesses (both small and medium-size) fail, not because business is bad, but because they experience difficulties when trying to meet short-term financial responsibilities. So how can a growing and profitable business get into serious financial trouble, or even go broke? It seems so contradictory, but on closer examination you’ll see that it’s not surprising at all.
Many Businesses Experience a Cash Flow Dilemma
It’s so easy for a business to get into a situation where they have a cash flow problem: you only need one or two larger accounts to default on payment, or to take an additional 60 or 90 days to pay, and now you’ve got a cash flow problem!
Traditionally, business owners have depended on conventional lending sources for a business Line of Credit, and this often includes short-term Bridging Finance. But there are also many people in business who’ve used their personal credit cards for business-related expenses. Once business owners have exhausted traditional means of funding, the process of acquiring extended financing can become a time-consuming, trying, and often impossible task.
Fortunately, today, we have a viable and effective alternative for business owners to get through cash strapped periods, particularly during periods of expansion and business growth. This innovative form of financing is known as Factoring; it’s also sometimes referred to as Asset Based Lending or Accounts Receivable Financing.
Factoring has become a workable and realistic solution for many businesses, particularly when cash flow is uncertain and threatens the viability, or even survival, of the business.
How Does Factoring Work?
Basically, when a business has credit-worthy accounts receivables, the factoring process provides the business with an instant cash injection on those receivables. So, sometimes, when a lender says ‘no’ to a business, a factoring company may say ‘yes’, thus offering the much needed cash injection that so many businesses require to move forward.
Factoring companies understand the financial needs of their trucking clients and react very quickly to provide them with the professional, personalized, hands-on attention that they require. Freight Bill Factoring is actually a very simple process: it provides a business with instant cash flow in order to satisfy its cash needs, which in turn enables the business to grow and prosper.
It works like this! Your company has quality accounts receivables, and needs a cash boost. A factoring company may purchase just one, or a group of your receivables, and in return will immediately give you up to 100% (less fees applicable) of the face value of these accounts. Once the customer invoice has been paid in full the balance is forwarded on. Yes, factoring costs more than other means of lending, but factoring clients believe the benefits far outweigh the costs.
The Benefits of Factoring
Possibly the greatest benefit of factoring is the short turnaround time, because factoring companies don’t have a lengthy loan approval process, unlike banks and other lenders. This means that, with factoring, trucking business owners can have money in-hand by the end of the same working day!
In order to receive approval as a factoring customer, a trucking business must first-of-all be a reputable trucking business, and secondly, it must have credit-worthy customers. Once a business has been approved for factoring, funding will be provided on the same day. It’s important to note, also, that ongoing financing is only limited by the amount of receivables available for purchase.
In the last decade we’ve seen factoring grow very quickly, and today it’s become a financially feasible alternative for many trucking companies. Many trucking companies have stated that Freight Bill Factoring has made it possible for them to process orders and undertake loads from brokers that would otherwise have been impossible because of a lack of financing. Freight Bill Factoring is here to stay, and it clearly has a place in today’s business environment. Because of factoring, a trucking company can expand its customer base, increase loads, and even survive a seasonal slump. Thanks to Freight Bill Factoring, many businesses have been able to expand and grow, and easily survive in what has become a very competitive industry.
You Can Find More Information at http://financereceivable.com/
and at www.accountsreceivablepurchasing.com/