Information for the city of Birmingham
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. The city's population was 212,237 according to the 2010 United States Census. The Birmingham Hoover Metropolitan Statistical Area had a population of about 1,128,047 according to the 2010 Census, which is approximately one quarter of Alabama's population.Birmingham was founded in 1871, during the post Civil War Reconstruction period, through the merger of three pre existing farm towns, notably, former Elyton. It grew from there, annexing many more of its smaller neighbors, into an industrial and railroad transportation center with a focus on mining, the iron and steel industry, and railroading.
Birmingham was named for Birmingham, England, United Kingdom; one of the UK's major industrial cities. Many, if not most, of the original settlers who founded Birmingham were of English ancestry. In one writer's view, the city was planned as a place where cheap, non unionized, and African American labor from rural Alabama could be employed in the city's steel mills and blast furnaces, giving it a competitive advantage over industrial cities in the Midwest and Northeast.From its founding through the end of the 1960s, Birmingham was a primary industrial center of the South. The pace of Birmingham's growth during the period from 1881 through 1920 earned its nicknames The Magic City and The Pittsburgh of the South. Much like Pittsburgh, Birmingham's major industries were iron and steel production, plus a major component of the railroading industry, where rails and railroad cars were both manufactured in Birmingham. In the field of railroading, the two primary hubs of railroading in the Deep South were nearby Atlanta and Birmingham, beginning in the 1860s and continuing through to the present day. The economy diversified during the later half of the twentieth century. Though the manufacturing industry maintains a strong presence in Birmingham, other businesses and industries such as banking, telecommunications, transportation, electrical power transmission, medical care, college education, and insurance have risen in stature. Mining in the Birmingham area is no longer a major industry with the exception of coal mining.
Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the United States. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial, along with five other Fortune 1000 companies.In higher education, Birmingham has been the location of the University of Alabama School of Medicine (formerly the Medical College of Alabama) and the University of Alabama School of Dentistry since 1947. Since that time it has also obtained a campus of the University of Alabama, University of Alabama at Birmingham (founded circa 1969), one of three main campuses of the University of Alabama System. It is also home of the private Birmingham Southern College. Between these two universities and Sam University, the Birmingham area has major colleges of medicine, dentistry, optometry, pharmacy, law, engineering, and nursing. Birmingham is home to three of the state's five law schools: Cumberland School of Law, Birmingham School of Law, and Miles Law School. Birmingham is also the headquarters of the Conference, one of the major U.S. collegiate athletic conferencesFrom Birmingham's early days onward, the steel industry has always played a crucial role in the local economy.
Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play a key role in the economy. Steel products manufacturers . In recent years, local steel companies have announced about $100 million worth of investment in expansions and new plants in and around the city. Vulcan Company, a major provider of crushed stone, sand, and gravel used in construction, is also based in Birmingham.In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011.
As of 2009, the finance & banking sector in Birmingham employed 1,870 financial managers, 1,530 loan officers, 680 securities commodities and financial services sales agents, 380 financial analysts, 310 financial examiners, 220 credit analysts, and 130 loan counselors. City Center in downtownThe telephone company that is now owned by ., which was formerly and before that , which had its headquarters in Birmingham, has a major nexus in Birmingham, supported by a skyscraper downtown as well as several large operational center buildings and a data center.The insurance companieshave their headquarters in Birmingham, and these employ a large number of people in Greater Birmingham.Birmingham is also a powerhouse of construction and engineering companies,each with more than $500 million in sales per year, are located in Birmingham. The Birmingham metropolitan area has consistently been rated as one of America's best places to work and earn a living based on the area's competitive salary rates and relatively low living expenses. One study published in 2006 by Salary.com determined that Birmingham was second in the nation for building personal net worth, based on local salary rates, living expenses, and unemployment rates.A 2006 study by web site bizjournals.com calculated Birmingham's ""combined personal income"" (the sum of all money earned by all residents of an area in a year) at $48.1 billion.Birmingham's sales tax, which also applies fully to groceries, stands at 10 percent and is the highest tax rate of the nation's 100 largest cities.Although Jefferson County's bankruptcy filing was the largest government bankruptcy in United States history, Birmingham remains solvent
Information for the state of Alabama
The state has invested in aerospace, education, health care, banking, and various heavy industries, including automobile manufacturing, mineral extraction, steel production and fabrication. By 2006, crop and animal production in Alabama was valued at $1.5 billion. In contrast to the primarily agricultural economy of the previous century, this was only about 1% of the state's gross domestic product. The number of private farms has declined at a steady rate since the 1960s, as land has been sold to developers, timber companies, and large farming conglomerates.
Occupations outside of agriculture were widespread by 2008. Employment in that year was 121,800 in management occupations; 71,750 in business and financial operations; 36,790 in computer-related and mathematical occupation; 44,200 in architecture and engineering; 12,410 in life, physical, and social sciences; 32,260 in community and social services; 12,770 in legal occupations; 116,250 in education, training, and library services; 27,840 in art, design and media occupations; 121,110 in healthcare; 44,750 in fire fighting, law enforcement, and security; 154,040 in food preparation and serving; 76,650 in building and grounds cleaning and maintenance; 53,230 in personal care and services; 244,510 in sales; 338,760 in office and administration support; 20,510 in farming, fishing, and forestry; 120,155 in construction and mining, gas, and oil extraction; 106,280 in installation, maintenance, and repair; 224,110 in production; and 167,160 in transportation and material moving.
If you need capital right now or are looking to expand then factoring is the way to go.
Birmingham Factoring Companies
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 is serving. -Birmingham Factoring Companies
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Birmingham Factoring Companies Articles
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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.
If you need capital right now or are looking to expand then factoring is the way to go.
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Benefits Of A Factoring Company Over A Traditional Bank Loan
Anyone who owns a business knows that there are times when the money goes out of your business much faster than it is coming in. This can put a company in a financial bind, making it difficult to purchase raw materials, pay their employees, or even keep the utilities on. The simple truth is that every company needs to have ready cash in order to keep their business running on an even keel and in order for it to grow. There are a number of different ways that a company can get the money they need to keep their business running and moving forward, but not all of these ways offer businesses the same freedom and benefits. This article will talk about two popular, but different types of financing available to business. The Traditional bank loan, and getting your financing through a factoring company.
Bank loans are an extremely traditional way for a business to get financing. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. In addition, while you apply for a certain loan amount, that is all the financing you are entitled to. Once the loan is paid off, you can then apply for another loan if the need arises.
Factoring companies do not give loans, and the money you get from the factoring company does not put you in debt. Rather the financing you receive from a factoring company is based on money your business has all ready earned, but have not yet received. Factoring companies actually purchase your account's receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to “sell.” Once you have set up factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.
Benefits of a Factoring Company Vs. A Bank Loan
While not every business can take advantage of factoring account financing (you have to have a business that has account receivables) for those that can use this type of financing there are several distinct benefits.
1. You Won't Incur Debt.
Since the factoring company actually buys your accounts receivable you don't actually incur debt like you do with a bank loan. This has many benefits including the fact, that this type of financing won't affect either your business credit rating or your personal credit rating. Should the unforeseeable happen and your business fails, you won't have to worry about anyone coming after your personal as well as your business assets to pay off a loan. With a bank loan, the debt goes onto your credit report, and even one late payment can adversely affect your businesses credit, and even the ability to get insurance and may even reflect upon your personal credit rating.
2. No Collateral Required.
Another benefit of using a factoring company instead of a traditional loan is that you aren't required to provide collateral to the factoring company in order to secure financing, because the company “buys” the accounts receivables; not loans you money based on them. In addition, while the factoring company does run a credit check on your customers whose accounts receivables are offered for financing, the state of your credit is not an issue. This makes it easier for fledgling businesses to get the financing they need through a factoring company (as long as their accounts receivables are in good order) then from a bank, who may not feel that you have been in business long enough to be worth the risk of issuing you a loan.
3. Receive Your Money Faster.
With a Factoring company you can actually get the money you need faster. Once the Factoring company assures itself that the customers in your accounts receivable are likely to pay their debt, the money is usually in the account within 24 hours. With a bank, there are vasts amounts of paperwork, then the loan has to be underwritten, which can take months before you actually see the loan if it is approved.
4. Interest is Paid Up Front.
Unlike a bank loan that continues to build interest that you have to pay the entire time you have your business loan with a factoring company, you don't have to continue to pay interest as they take it right off the top, deducting it from the total amount of accounts receivable. So not only are you relieved of those monthly loan payments, but you also don't have to worry about the building up of interest, as every penny in the account is yours to spend on the business.
As you can see, there are several benefits that makes considering financing through a factoring company over a traditional bank worthwhile. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the bank. The most important benefits is that once you sell your accounts receivable to the factory company, you don't have to take time away from running your business to collect the money owed from reluctant to pay customers. The factoring company takes over that chore, since it is now their money to collect. Factoring companies are very good at collecting these debts, saving you the time and effort that you need to devote to your growing company.
In addition, since the factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so likely to pay.
While a Factoring company is not the only way for your business to obtain the money it needs to keep growing, it does offer a type of financing well worth considering.
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The Basics of Trucking Factoring
Whether you’re the owner of a 50-truck fleet or an independent owner/operator, we all know that controlling your cash flow is vitally important to growing your business. Perhaps like many business owners you’ve become pretty clever at making creative use of your credit cards, because it’s certainly preferable to going to your banker and begging for a business Line of Credit! Fortunately, there is another viable option for owner-operator businesses and small trucking fleets. The answer to the age-old cash flow problem is Freight Bill Factoring!
If Freight Bill Factoring is an unfamiliar term to you, then here’s a brief explanation:
Freight Bill Factoring is the simple process of assigning your unpaid freight invoices to a third-party company (factoring company) for an amount that’s less than you would receive if you were to bill your customer direct. The bonus of Freight Bill Factoring is that it enables you to get paid almost immediately upon completion of a run, thus giving you access to much-needed cash required for the day-to-day running of your business operations.
Here’s a step-by-step explanation of how Freight Bill Factoring, or Trucking Factoring, works :
Once you’ve booked a load, you immediately email or fax details about the load, your customer, and your rate confirmation to the factoring company;
The factoring company will quickly respond by advising if that particular customer has been approved for load factoring;
You pull the load;
When the load has been delivered, you email or fax your load-related documents, including the Bills of Lading, to the factoring company;
Within 24 hours the factoring company will make a direct deposit into your Comdata account or your bank account for the amount of approved charges: this could be anywhere between 60 and 90% of your billing;
Once the invoice has been paid by your customer, you’ll receive the balance.
It’s true that Freight Bill Factoring is not for everyone, but it is an ideal way of accessing the cash you need to provide stability to your trucking business and keep your wheels turning whilst you wait for your customers to pay their accounts.
Obviously, the best option for any business is to invoice your customers directly and wait to receive payment, but unfortunately many customers are painfully slow when it comes to paying their invoices. If you’re experiencing a cash flow problem, then working with a factoring company could well provide the financial cushion you need to keep your trucks on the road. It’s up to you to do your own research and determine whether factoring makes sense for your business. We trust that the information we’re providing here will provide you with enough knowledge to help you make a wise decision.
The Cost of Freight Bill Factoring
As explained above, there’s a cost involved with Freight Bill Factoring, and it’s up to you as the business owner to determine whether it’s worth the cost. The cost of Trucking Factoring can vary from as little as 1.5% up to around 5% of the line haul revenue.
You also need to be aware that there could be a number of fees, charges, and other expenses if you employ the services of a Freight Bill Factoring company. Generally, when you’ve assigned your Bills of Lading to a Trucking Factoring company, you’ll receive an immediate advance of between 60 and 90% of the anticipated revenue: of course, this figure will depend upon the factoring company you use. Once your customer has paid their invoice, the balance will be remitted to you.
It’s also important to note that all Freight Factoring companies are not equal, so here are some key questions a business owner should ask when considering hiring the services of a Trucking Factoring company:
Recourse or Non-Recourse: Which Freight Factoring Service Do You Provide?
You may not be familiar with these terms, but you need to be, because the ramifications of not understanding these terms could seriously affect the profitability of your business.
means that, should your customer fail to pay the factoring company, the factoring service can come back to you for reimbursement; while
means that you have your money whether the invoice does or doesn’t get paid.
Will You Bill My Customer for All Future Loads or Can Factoring Be Done on a Load-by-Load Basis?
Let’s say you have a temporary cash shortfall problem that you’re trying to resolve by hiring the services of a Freight Factoring company: many businesses require that the factor handle all future collections owed to you by that specific customer. However, depending upon the customer, this may not be the path you wish to take. You should be aware, though, that some factoring companies are very rigid with this requirement.
There are Freight Bill Factoring services out there that allow you to choose on a load-by-load basis as to whether you’d like them to handle the collection on your behalf or whether you prefer to deal with the process of billing and payments yourself. And these services generally let you decide whether you want to receive payment when the invoice is actually paid or whether you want immediate payment. This can be very useful for small businesses because it can save a lot of time by allowing you to use the Freight Factoring service as a kind of de-facto billing service.
Is There a Price Difference If the Factoring Company Bills a Customer for All Loads Pulled?
Some Freight Factoring companies require that all billings originate through them, while others allow you to decide on an invoice-by-invoice basis whether you want the factoring company to do it, or whether you’d prefer to bill your customer yourself. If you choose to use their services on a spot-usage basis and choose not to have a certain invoice factored, you’ll probably still have to pay the $15-$20 billing charge. You’d then receive payment once the customer has settled their account.
Are Extra Fees Payable for Additional Services?
It’s not usual for a freight factoring company to automatically pay your customer’s invoices: they need assurance that your customer is a reliable, good-paying customer, so they’ll typically require a credit check to ensure they’ll be paid. Most Freight Factoring companies will arrange for a customer’s credit check on your behalf, and this credit check could incur a nominal fee. On the other hand, there are factoring companies out there that are happy to provide you with access to a list of customers that are already pre-approved – these are companies that currently meet the factor’s credit requirements. This can be very useful information to a trucking company, particularly if you need to know the credit rating of a prospective customer prior to booking a load.
How Much of the Freight Bill Do You Advance; and Do You Require a Deposit?
It’s very rare that a Freight Factoring service will advance 100% of your freight invoice, and that’s just one of the reasons why it’s imperative that you take the time to do your own research and find out what your chosen factoring company’s policy is. You also need to know if this will change from load to load or if the same policy applies to all your customers and all freight bills. p> Regarding deposits, some freight factoring services do require deposits, while others don’t. Again, before you finalize any contract with a Trucking Freight Factoring company, be very sure that you know exactly what you’re signing up for. p>
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