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."
You are about to be relieved of the stress and time consuming process of collecting on your accounts receivable.
Invoice Factoring Companies In New Jersey
Each company has its own unique business needs, so some companies only factor invoices for customers that are slow in paying, whilst other companies factor all of their invoices. -Invoice Factoring Companies In New Jersey
THE Invoice Factoring PROGRAM OF YOUR DREAMS
Invoice Factoring Companies In New Jersey Articles
Invoice Factoring: An Overview
What Is Invoice Factoring?
‘Invoice Factoring’ is when a third party commercial finance company purchases the Invoices or Accounts Receivable from a business. The finance company concerned is called a ‘Factor’ and the transaction is known as ‘Invoice Factoring’. Invoice Factoring is also known as ‘Accounts Receivable Financing’ because Invoice Factoring occurs when a business needs to access cash quickly, quicker than if it had to wait the 30 to 60 days (or longer) to receive payment from a customer.
The majority of Invoice Factoring companies purchase invoices and advance cash within 24 hours, although the terms and nature of Invoice Factoring can differ between industries and different financial service providers. Depending on the industry, the customers’ credit histories, and various other criteria, the advance rate can range from between 80% and 95%. The business also receives back office support from the factor. Once the factor has collected from the business’s customers, the business will be paid the reserve balance of the invoices, less a nominated fee for assuming the collection risk.
The main benefit of Invoice Factoring is that a business is not required to wait one or two months (sometimes more) for payment by a customer – the business will receive cash in hand to operate and grow their business. It’s important to note that Invoice Factoring is not a loan: there’s no debt with Invoice Factoring. Funding is unrestricted, which means that a business has more flexibility than borrowing from a bank.
The Five Simple Steps of Invoice Factoring
1. As a business, you provide a service to your customer;
2. The invoice for this service is sent to a Invoice Factoring company;
3. On this invoice, you’ll receive a cash advance from the Invoice Factoring company;
4. It’s now up to the Invoice Factoring company to collect full payment from your customer;
5. Once payment has been received, you’ll receive the balance of your invoice account from the Invoice Factoring company – minus their fee.The Advantages of Invoice Factoring
There are many reasons why Invoice Factoring has become a popular and valuable financial tool for businesses today. The key benefit of Invoice Factoring is that a business receives a quick boost to its cash flow: in fact, many Invoice Factoring companies offer cash on their Accounts Receivable within 24 hours! The Invoice Factoring company takes responsibility for collecting customer payments, and may also evaluate the payment and credit histories of a business’s customers.
Other Benefits Include:
• When a business needs access to cash, Invoice Factoring can be customized and managed in order to provide the necessary capital;
• The business balance sheet will not show this financing as a debt;
• Invoice Factoring is not based on the company’s credit or business history: it’s based on the quality of its customers’ credit;
• Invoice Factoring is not determined by the company’s net worth: it provides a Line of Credit based on sales;
• There’s no limit to the amount of financing through Invoice Factoring, unlike a conventional loan;
• Invoice Factoring is an ideal solution for start up businesses that often require immediate cash flow.
Is the Concept of Invoice Factoring New?
No, it’s not! In fact, the origin of Invoice Factoring comes from overseas trade among nations and dates back several centuries to the 1400s when it became part of doing business in England. In the year 1620 it arrived in America with the Pilgrims. Like other financial tools, Invoice Factoring has improved and evolved over the years. It became an effective way of creating cash flow in the United States at a timewhen companies faced strict limitations when trying to secure loans in the country’s damaged banking system.
Who Uses Invoice Factoring?
Invoice Factoring is available for companies of all sizes, ranging from a one person business to Fortune 500 companies. Every business can use Invoice Factoring as an effective way of increasing their cash flow. In addition, Invoice Factoring spans all types of industries, from transportation, trucking, textiles, manufacturing and distribution, staffing agencies, and oil and gas.
The cash generated from Invoice Factoring is used by companies to purchase new equipment, pay for inventory, expand operations, add employees, and basically cover any expenses related to the running of their business. The beauty of Invoice Factoring is that it allows companies to make quick decisions and to expand at a faster pace.
How Does Invoice Factoring Work?
For the purpose of this post, we’ll describe a fictional example as a way of illustrating a common Invoice Factoring situation.
XYZ Transport is a trucking company: their intention is to double their fleet size over the next two years in order to service more clients in the West. The company has just successfully won a new customer on the West Coast who requires freight to be shipped from Oklahoma to Los Angeles. This new customer is more than happy to pay for the service within 30 days; however, that won’t cover all the immediate costs involved, like payroll, fuel, and maintenance costs of running the route.
This is a familiar situation for the owners of XYZ Transport: the lack of available cash flow in the past has prevented the company from accepting new business. So now XYZ Transport has turned to a Invoice Factoring company: they have agreed to sell the West Coast customer’s invoice to the Invoice Factoring company in exchange for a 90% advance on the total amount – within 24 hours! This much needed influx of cash will replenish the trucking company’s reserves and allow it to continue running the Oklahoma – Los Angeles route. In addition, XYZ Transport now has the added flexibility of taking on new customers.
How Much Do Companies Factor?
Each company has its own unique business needs, so somecompanies only factor invoices for customers that are slow in paying, whilst other companies factor all of their invoices. Companies can factor receivables ranging from a few thousand dollars right through to millions of dollars each month.
What’s the Difference between Invoice Factoring and a Traditional Bank Loan?
Invoice Factoring, also known as Accounts Receivable Financing, is a quick, flexible and effective way for businesses to create a steady cash flow stream. See below for how Invoice Factoring is different to a Line of Credit at a bank or a traditional business loan
You Can Find More Information at http://invoicefactoringservices.org
and at factoringthatworks.com/