1st Commercial Credit

Overview

1st Commercial Credit is based in Austin, Texas, with an office on River Place Boulevard. The company's materials say it has more than 20 years in business, more than 3,800 clients funded and more than $5 billion advanced. These are the company's own figures.

Its press kit describes it as a Texas firm that "specializes in invoice factoring and payroll funding." Staffing is the core of the business, and its staffing page is the longest industry page on the site. Trucking is the second main focus, with a separate non-recourse program, a fuel card and freight broker credit checks.

Services

• Invoice factoring. The FAQ says clients can choose which customers and which invoices to factor, or factor part of a large invoice, as long as the arrangement is not a one-time deal. Customers receive a notice of assignment telling them to pay the factor, and the FAQ states that factors contact customers.
• Non-recourse trucking factoring. The company takes the loss if a freight broker fails to pay because of insolvency. The FAQ states that non-recourse does not cover disputed invoices. Carriers also get a fuel card, a fuel advance option, a free transportation management system and 24/7 freight broker credit checks, according to the company.
• Staffing funding. The staffing page says it funds temporary agencies "regardless of industry, size, or time in business." It says most agencies fund weekly so payroll is covered by midweek.
• Other financing. Purchase order financing, export and import trade finance, government receivables funding, asset-based lending, sales ledger credit lines and trade payable financing. Equipment finance is listed for existing clients.
• Service. The company says it runs a dedicated account team and offers a free invoice upload app. It says it decides on additional working capital within hours for established clients.
• Credit and liens. The site says owners with low personal credit are accepted. If a bank holds a lien on the client's receivables, the company asks the bank to subordinate it. Tax liens are handled case by case.

Industries served

The homepage lists staffing agencies, trucking fleets, security guard companies, manufacturers, distributors and wholesalers, oilfield service firms, healthcare providers, construction contractors, cable and telecom installers, and produce distributors that operate under the federal produce trust rules.

Published terms

The FAQ disclosure says actual rates depend on how long invoices stay unpaid, the advance percentage, industry, customer credit, invoice size, sales volume and "any minimum volume commitments." The invoice factoring page ties the 2.25% average to how many days invoices take to pay. The trucking page says the fee depends on company size and states "no hidden fees." Trucking advances are paid at 100% minus the fee, with no reserve held back.

How to apply

The homepage says initial funding takes 3 to 5 business days. The invoice factoring FAQ says 3 to 10 business days after the signed agreement is received. The trucking page says setup and initial funding take 24 hours. Once an account is running, funds go out by wire, ACH, card or mailed check.