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."
FAST MONEY FOR BUSINESSES THAT NEED IT. Don't wait long periods for a loan
Newark Factoring Companies
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. -Newark Factoring Companies
TAKE THE GUESSWORK OUT OF CASH FLOW
Newark Factoring Companies Articles
Factoring Company Reviews at receivableservices.org
The benefits of using a Factoring company versus a bank loan
If you are looking for a convenient way to obtain business capital, factoring is one of the best options available out there. From a recent study, it has been identified that many people go for bank financing in such instances, considering that it is the least expensive method of investing. However, factoring is associated with many other advantages and we will let you know about them through this article.
A proper cash flow is something that every business in the present world should have. In addition, they need to speed up their cash flows along with time. Otherwise, it will not be possible for them to get banks for financing. Unfortunately, banks are not in a position to accommodate all the financial requirements of a company, due to tough credit standards. That is where factoring comes into play. It happens when a company sells its accounts receivable to a bank or a factoring company. The amount that can be taken depends on value of the invoice.
Key benefits associated with factoring
• A company can get large amounts of capital through factoring. It is because this method is entirely based upon accounts receivable. It has impressed many small scale businesses out there since they can obtain a bigger line from their accounts receivable for services or goods. They will not be able to get such a big amount of capital from any conventional bank lender out there. Factoring is something that is based on the credit strength of your potential customers. If your company has more potential customers with healthy credit strengths, you can easily enjoy the benefits of factoring.
• Factoring is quicker than traditional bank loans. Since most of the accounts receivable factoring lines are in a position to be set up, approved and actively funded within a matter of few weeks, you can go through a hassle free process. However, banks will take more time to engage with their credit reviewing activities about your company. They might even wait for audit results or fiscal period closes. Therefore, if you are in need of quick business capital, factoring is the number one option available out there to consider.
• Factoring is something that expands quickly along with the growth of your company. Almost all the factoring companies out there support it. Your company doesn’t need to have an excellent track recording of business. You just need to select a factoring company that is big enough to accommodate all your business development ambitions.
• A factoring company does not offer loans to their clients. Therefore, you cannot find many similarities between a loan and factoring. A factoring company will purchase your accounts receivables along with cash. Therefore, it can be considered as a similar process to increasing the working capital, while showing it as a liability in the account balance sheets. This will even reduce debt in the balance sheet, when compared to borrowing. At the end of the day, your company will get the opportunity to enjoy a lower debt to equity ratio.
• Factoring is less expensive than equity. Most of the businesses approach equity investors to cater their financing requirements. However, there isn’t any substitute for equity capital in some expansion purposes and business investments. Almost all the equity investors expect a higher return from the accounts receivable than the cost. When it comes to factoring arrangements, you won’t be able to find any dilutive effect on shareholders. This will assist you a lot to stay away from hassle.
• Factoring is also recognized as one of the best options available to improve your turn. In the present world, many factoring companies will verify invoices with your customers and check whether they are being paid on time. This will motivate your customers to pay the invoices on time through a gentle reminder. This will result in a better service delivery from your end as well.
FAST MONEY FOR BUSINESSES THAT NEED IT. Don't wait long periods for a loan
Newark Factoring Companies Articles
Healthcare Staffing Factoring
The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.
At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor’s offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing factoring companies around to help them in their time of need.
We asked the owner of a local healthcare staffing agency, Joy Reed, to talk to us about how factoring companies helped expand her business and provide a much needed boost at a critical time for her company.
“Hello Joy and welcome. I was hoping you would tell us a little about how healthcare staffing factoring companies helped your business, but I suppose we should begin by how you got started in this business?”
Joy Reed (JR), “Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business. I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started.”
“So, you did what most people do in starting up a business. How did it do?”JR: “I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn’t have the cash on hand to take advantage.”
“I’m a little confused. You say you were doing well, but you didn’t have the ability to expand your business?”
JR: “That’s right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn’t because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing factoring company was introduced.”
“Tell us a bit more about factoring companies.”
JR: “Basically, factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in.”
“I understand that factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a factoring company?”
JR: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn’t take long at all before they agreed to cash some of the invoices and I got the money I needed to expand.”
“Could you tell me a little more about the advantages of using a factoring company like this?”
JR: “Sure, I was not only able to hire a couple of new people and rent additional space, I’ve been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The factoring services are really quite good with reasonable rates and fast service.”
“What’s the differences in using factoring companies over getting a new loan?”
JR: “It is frankly much better than getting a loan because with factoring there is nothing to pay back. We are basically getting our own money from the invoices we’ve earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. Factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I’m no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately.”
“I take it that you are happy with how healthcare staffing factoring has worked out for you?”
JR: “You would be correct. I cannot imagine how my business would have expanded at that critical time without factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I’d recommend factoring companies to anyone running a business that relies on invoices if they need to get cash quickly.”
There is little doubt that Joy Reed has been quite happy about the services she received working with a factoring company. Perhaps factoring is right for you and your needs, be sure to search for the type of factoring business that works in your field so that you can get the right services in helping your company to succeed.
Newark Factoring Companies Articles
How Factoring Saved A Staffing Agency
The Bellosa Temporary & Permanent Hiring Agency has been experiencing a major uptick in business since the unemployment crisis began. The unemployed and underemployed workers have been keeping the phones ringing. The staffing agency is also fielding a lot of calls from employers too, looking for just the right hire. Company President and Vice President, Laurie Bell and Ted Stevens, have not experienced a boom in business since they first opened the doors in 2009, during the recession. They had an idea then that this would be a profitable venture.
The mantra that Laurie and Ted live by is that there’s always going to be people searching for work and of course employers will always be on the lookout for good workers. This is especially true in healthcare staffing, the industry they specialize in. This seemed to be a safe bet for them as they embarked on this venture, but with any small business, the only way to keep the doors open is to keep pressing forward and out perform the competition.
In a relatively short period of time Laurie and Ted had built a nice sized business, they were able to hit the ground running with some brilliant marketing programs and a number of contracts from insiders. They grew rapidly, the timing couldn’t have been better and they were very lucky in this aspect. By the fall of 2011 Laurie and Ted had weathered some ups and downs but they did have some solid clients like a few big insurance companies and a university hospital close by. These clients always paid their invoices on time. But they did start to notice a decrease in accounts receivables from some smaller clients such as rehab centers and private practices.
As winter approached they recalled previous winters and holiday seasons and realized that accounts receivables usually did slow down during this time. Laurie and Ted made the decision to delay their late payments until after the New Year. This plan didn’t really appeal to them as it’s no way to start a New Year, but they seemed to have no other options.
When New Year’s had come and gone they realized that their Accounts Receivables had gone from 30 days past due to 60 days past due. Before meeting with their accountant Scott, they’d decided something had to be done, but they didn’t know what.
Sitting in the conference room with Scott they listened as pulled all the figures up on his iPad saying,“Okay you two, I’ve been looking over the files you sent over and I can certainly see why you’re worried about your late A/Rs but there may be a way to fix this. Do either of you know what factoring is?” Scott inquired.
Laurie and Ted looked at each other quizzically, and then Laurie said “I think it rings a bell, but I’m not really sure. Can you explain it?”
Scott began laying out the details, “You are sitting on a pile of invoices that are past due. The more time that goes by without them being paid, the bigger the bind this puts your business in. It makes it very difficult for you to grow, much less hire anyone new. If you don’t have enough cash coming in . ”
Ted interrupted with, “Then it could make it difficult to take on any new business because we wouldn’t be able to hire the additional personnel we need and meet our weekly payroll. We need an inflow of cash and we really can’t wait. If we have to wait any longer on these invoices we’ll be in trouble.”
Scott jumped in saying, “And this is precisely why I wanted to discuss factoring with you. The factoring company will purchase the invoices you are sitting on that are up to 3 months late, which gives you the cash you need now.” He then showed him a chart on a piece of paper he placed in front of them.
Laurie began to carefully scrutinize it asking, “Is this the fee schedule?”
Scott answered, “Yes it’s all right there. The factoring company makes 1% to 3% of the total amount of each invoice they purchase.”
“That’s sounds like a good deal to me”, Ted said.
The three of them sat there and talked this over for a while and then Laurie and Ted made the decision to go forward realizing this was the best way to keep them afloat. They knew if they couldn’t accommodate all the new clients they were acquiring the competition would get them and they would go down, they could just not afford to turn any business away.
They now needed to fill out an application and submit it to the factoring company and they also needed to show them a few back invoices, undergo a credit check for their company. Credit checks would also need to be done on the companies owing the debts that the factoring company would be purchasing.
It didn’t take long for Bellosa’s credit to be approved and the creditors’ as well. Before long the factoring company purchased the overdue invoices and Laurie and Ted got the influx of cash they needed to cover things and allow them to continue growing their business.
The next time Laurie and Ted met with their accountant Scott, there were smiles all around.Scott said, “I’ve taken a look at your books so I know that factoring was the right solution for you.”
“It worked perfectly”, Laurie stated and went on to say, “The tiny amount we paid out for this influx of cash was certainly worth it.”
Ted chimed in with, “Without a doubt! Whatever the fees were we made back and more since we were now able to hire more personnel so we could take on more business. It worked out for us and for them I would say!”
“That’s what’s great about factoring!” Scott exclaimed with a look of satisfaction on his face.
You Can Find More Information at http://nursestaffingagency.org/
and at Invoice Factoring Companies-accountsreceivablesfinancing.org