Information for the city of Wichita
Wichita is the largest city in Kansas and the seat of Sedgwick County. It is located in the south central part of the state, at the couence of the Arkansas and Little Arkansas rivers. Incorporated as a city in 1870, Wichita is the chief commercial and industrial center of southern Kansas.More or less uninhabited at the time of Kansas's entry into the Union in 1861, the area was first settled by Wichita Indians, who came north from Texas and Oklahoma during the Civil War. At about the same time (during the mid 1860s) a number of trading posts were established at or near the river junction. One of the traders, Jesse Chisholm, pioneered the Chisholm Trail, which passed through Wichita and was the main cattle drive route from Texas to the railroad in Abilene. After the railroad was extended to Wichita in 1872, the city boomed first as a cow town and then later as the trading center in an agricultural and livestock region.
Although the city experienced an economic slump at the end of the 19th century, oil was discovered nearby in 1915, and subsequently the population almost doubled.Aircraft manufacturing began in the 1920s, and Wichita remains a center of the aircraft industry today. In addition, the city also has flour mills, meatpacking plants, and oil refineries. Major manufactures include camping equipment, heaters and air conditioners, and electronics. Wichita has a number of art and historical museums, a zoo, and a planetarium. It is the site of several universities, including Wichita State University (1895). McConnell Air Force Base is nearbyWichita's principal industrial sector is manufacturing, which accounted for 21.6 percent of area employment in 2003. Aircraft manufacturing has long dominated the local economy, and plays such an important role that it has the ability to iuence the economic health of the entire region; the state offers tax breaks and other incentives to aircraft manufacturers.
Healthcare is Wichita's second largest industry, employing approximately 28,000 people in the local area. Since healthcare needs remain fairly consistent regardless of the economy, this field was not subject to the same pressures that affected other industries in the early 2000s. The Kansas Spine Hospital opened in 2004, as did a critical care tower at Wesley Medical Center. In July 2010, Via Christi Health, which is the largest provider of healthcare services in Kansas, opened a hospital that will serve the northwest area of Wichita. Via Christi Hospital on St. Teresa is the system's fifth hospital to serve the Wichita community.Thanks to the early 20th Century oil boom in neighboring Butler County, Kansas, Wichita became a major oil town, with dozens of oil exploration companies and support enterprises. Most famous of these was Koch Industries, today a global natural resources conglomerate, which is still headquartered in Wichita. The city was also at one time the headquarters of the both operate headquarters facilities in Wichita. Koch Industries' primary global corporate headquarters complex is located in a large office tower complex in northeast Wichita. The following is a summary of data regarding the Wichita metropolitan area labor force, 2004 annual average:Size of nonagricultural labor force: 282,800Number of workers employed in:construction and mining: 16,100manufacturing: 58,400trade, transportation and utilities: 49,500information: 6,100financial activities: 12,200professional and business services: 26,300educational and health services: 38,400leisure and hospitality: 25,200other services: 12,100government: 38,500Average hourly earnings of production workers employed in manufacturing: $19.45 (2004)Unemployment rate: 6.3% (February 2005)Aircraft manufacturingFrom the early to late 20th century, aircraft pioneers such as Clyde , ""Matty"" Laird, Lloyd Stearman, Walter Beech, Al Mooney and Bill Lear began aircraft manufacturing enterprises that would lead to Wichita becoming the nation's leading city in numbers of aircraft produced.
(the world's highest volume airplane manufacturer) and craft remain based in Wichita having merged into Aviation in 2014, along with Learjet and Boeing's chief subassembly supplier, Systems. bus maintains a workforce in Wichita, and (parent company of Learjet) has other divisions in Wichita as well. Over 50 other aviation businesses operate in the Wichita MSA, as well dozens of suppliers and subcontractors to the local aircraft manufacturers. In total, Wichita and its companies have manufactured an estimated 250,000 aircraft since Clyde Cessna's first Wichita built aircraft in 1916.In the early 2000s, a national and international recession combined with the after effects of the 9/11/2001 terrorist attacks to depress the aviation sub sector in and around Wichita. Orders for new aircraft plummeted, prompting Wichita's five largest aircraft manufacturers, to slash a combined 15,000 jobs between 2001 and 2004. In response, these companies began developing small and mid sized airplanes to appeal to business and corporate users. In 2007, Wichita built 977 aircraft, ranging from single engine light aircraft to the world's fastest civilian jet; one fifth of the civilian aircraft produced in United States that year, plus numerous small military aircraft. In early 2012, Boeing announced it would be closing its Wichita plant by the end of 2013.
Information for the state of Kansas
The Bureau of Economic Analysis estimates that the total GDP in 2008 was $122.7�billion, making it the United States's 32nd highest state by GDP. The agricultural outputs of the state are cattle, sheep, wheat, sorghum, soybeans, cotton, hogs, corn, and salt. Eastern Kansas is part of the Grain Belt, an area of major grain production in the central United States. The industrial outputs are transportation equipment, commercial and private aircraft, food processing, publishing, chemical products, machinery, apparel, petroleum and mining.
Kansas ranks 8th in U.S. oil production. Production has experienced a steady, natural decline as it becomes increasingly difficult to extract oil over time. Kansas ranks 8th in U.S. natural gas production. Production has steadily declined since the mid-1990s with the gradual depletion of the Hugoton Natural Gas Field the state's largest field which extends into Oklahoma and Texas. The Kansas economy is also heavily influenced by the aerospace industry. Several large aircraft corporations have manufacturing facilities in Wichita and Kansas City, including Spirit AeroSystems, Boeing, Cessna, Learjet, and Hawker Beechcraft (formerly Raytheon).
If you did not have to wait for the cash flow to come in what would you do right now?
Factoring Companies In Kansas
Why not start considering to use factoring businesses as a way to change your motive and give yourself a more comfortable future in the eyes of your staff and your bank balance? -Factoring Companies In Kansas
PROFITS THAT LIE HIDDEN IN YOUR COMPANY
Factoring Companies In Kansas Articles
Factoring at receivableslending.org
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.
If you did not have to wait for the cash flow to come in what would you do right now?
Factoring Companies In Kansas Articles
The Advantages of Trucking Factoring for Trucking Companies
Around the country, many owners of small trucking companies are running into the same problems when trying to expand their business. While the trucking business can be quite lucrative, it can take many weeks or even months to finally get paid on hauling invoices. This puts trucking companies in a real bind by having to play catch-up while trying to pay bills and salaries of their drivers.
We caught up with Jason Kind, an owner of a small trucking business that he created just a few years ago. Like many trucking owners, Jason was trying to expand his company to meet the needs of his clients, but was running into money issues that were holding him back. We asked him about his situation, the challenges he faced and how Trucking factoring played a real role in helping his company to expand without being burdened by paying back high interest loans.
Jason, it’s good to have you with us.
Jason Kind: “Thanks, I appreciate being here.”
Tell me a little about your trucking company and how it got started.
JK: “I had been driving trucks for years when in 2011 I decided to start my own trucking business. I went through the loan process, purchased a couple of trucks and got started. At first, it was really exciting because I had made a few connections as a driver and I picked up some early business. It seemed like everything was starting to snowball as I was getting requests from other businesses, but I was running into a cash problem.”
It seems rather strange that being successful was causing you to be short on cash?
JK: “I know. You see in the trucking business we charge invoices which means that it could take weeks or even months before the cash would roll in. A typical invoice takes anywhere from 45 to 60 days before the payment comes through. Here I was getting offers from other businesses and I didn’t have the cash on hand to buy trucks and hire drivers.”
So, what did you do?
JK: I’ll admit I was at my wit’s end because I thought by the time I had the cash to expand that the interest would dry up first. I didn’t want to take out another loan because I would just be putting off that debt until later and I had nothing to sell or any additional way to make more money. It was around that time when I heard from one of my friends in the trucking business about Trucking factoring.”
What exactly is Trucking factoring?
JK: “Well, Trucking factoring is a way for trucking companies like mine to get paid quickly for the loads we are hauling. Instead of having to wait weeks or even months sometimes to get paid for hauling, Trucking factoring lets us get money right away for the work that we’ve done.”
How does Trucking factoring work?
JK: “Well, there are companies out there who are willing to purchase the invoices that trucking companies like mine get when we perform a job. I managed to find a good, reputable company that actually purchases the invoices we get after performing a job along with other bills that we charge in our business. In return, they pay us cash that I not only use to cover my payroll, fuel costs and expenses, but I was able to put back enough money to purchase another truck a lot more quickly than if I had simply waited for the invoices to be paid.”
It seems like you stumbled on a pretty good deal when it comes to Trucking factoring. Are there any other benefits that you’ve enjoyed by using this service?
JK: You bet, because the invoices act as the means to pay the company. It is not a loan where I have to pay back any money. The Trucking factoring company simply takes a very small percentage off each invoice or bill as their fee and I get the rest in cash right away. It’s really worked out for me because not only was I able to get the cash needed to expand my business I was able to pay off my original loan a lot more quickly as well.
In fact, I was able to leap onto new business offers more quickly because the Trucking factoring allowed me to start purchasing new trucks and hire drivers months before I could even consider doing that simply waiting on the invoices.
This Trucking factoring sounds almost too good to be true, surely there must be a catch somewhere?
JK: I’ll admit, I was a little skeptical at first, but it’s all pretty straightforward. The Trucking factoring company I use didn’t even charge me a sign up fee nor did they sign me to any long term contract. I just took a few minutes with them to set everything up and when I turn in an invoice, they pay me cash right on the spot.
You said you didn’t have to sign any long term contracts. Are there a minimum number of invoices or amounts that you have to turn in each month?
JK: Actually, no. When I first started with them I was turning in practically all of my invoices so I could generate some cash up front. Now, when I need some cash to pay off bills or make quick purchases, I go to the company with my invoices. Some months I’ve turned in quite a few invoices, other months not so much.
It really sounds like you found a great deal in Trucking factoring?
JK: You bet. I have even used their fuel advances and discount cards to help me save money which really helped out in the first year of my business. I’ve had other trucking owners call me up and ask me how I was able to expand my company as fast as I did. I tell them all the same thing, if you have invoices, then Trucking factoring is the way to get fast cash without having to take out loans or put yourself in a deeper hole.
Jason’s business continues to grow and Trucking factoring was a big reason why he was able to expand so rapidly. If your trucking business is short of needed cash with invoices that have yet to be paid, then you should consider Trucking factoring as a way to put money into your hands right away.
Factoring Companies In Kansas Articles
Oilfield Services Factoring Services
Running a company in the oilfield services industry is no easy business, especially with payrolls to meet, equipment to purchase and deadlines that must be met. The sheer complexity of combining the geological research and modeling, imaging and exploration and finally the drilling to see whether oil is really present can take a lot of investment before any payoff can be seen.
For those who own a Frac Sand Hauler for example, the efforts that must be put in to start such as business can be considerable. But arguably the biggest challenge is paying the expenses as the invoices come in. A Frac Sand Hauler often has expenses that must be met immediately, but their invoices can take up to 60 days before they see the money.
What follows is an interview with Ray McClerand, a man who owns a Frac Sand Hauler business and ran into the same difficulties that many new companies of his type face. How Ray overcome some of the challenges in paying his bills through oil service factoring are explained in the interview.
“Welcome Ray, I’d like to know first why you decided to start up a Frac Sand Hauler company and how you prepared for the challenges it created.”
Ray McClerand (RM): “I’ve been in the oil business for the past 15 years or so working on different jobs from roughneck to foreman to deskwork for different companies. A few years ago I saw the potential of having a Frac Sand Hauler business in this area and got together with a couple of partners to create a company. We sat down, went over the details and decided that this would be a real good time to build a business that was serving a particular need in this industry.”
“So, I take it you created a business plan and took out the appropriate loans in order to purchase the equipment and hire the personnel necessary to get your company started?”
RM: “Exactly. Because I had been around this business for a while, I understood what was needed in terms of personnel and equipment. Plus, I had some contacts with others in the business that needed the type of services that a Frac Sand Hauler provides, so I felt that there was some real potential to make a profitable business work.”
“How did it go over the first six months or so?”
RM: “At first, we were really thriving as my contacts had lined up some business my way. Our loans covered the first six months or so of operations and we were doing quite well with the business we had. My partners and I were certainly happy and everything was going good when something really strange happened.”
“Could you elaborate on what you mean by “strange”?
RM: “Yes, after the first five months or so I started getting requests to have our company work with several other businesses in the area. This would mean having to expand our company through buying new equipment and hiring more people. But we did not have the cash on hand to make such a move. We were getting invoices from the businesses that we worked with, but it was taking up to 2 full months before we actually got the cash.”
“So, you were making enough money to expand, but you didn’t have it on hand because of the invoice system?”
RM: “You got it. Add to that our initial money from the loan was running out and we needed to start paying it back as well. I knew that if we didn’t expand and accept the new business that others would step in and we would lose that money. So, we were in a real pickle until I heard about oil service factoring companies.”
“Tell us a bit about oil service factoring and how it helped you out?”
RM: “Well, one of my partners had heard about factoring companies, so we checked it out and decided to go with one that was best suited for our needs. A factoring company buys our invoices with cash so we have money on hand to pay our bills and do what we need accomplished immediately. The factoring company then collects the money from the invoices when they become due. It’s really been a win-win for what we do.”
“That’s interesting. I wonder if you could you explain a little further just how factoring has helped your company?”
RM: “Sure, instead of having to wait up to 60 days before we could collect on the invoices, we were able to have the cash on hand immediately to purchase some new equipment and hire some more people to expand our business. This meant that we could accept the new offers that other businesses were providing for us and not having to pass. I cannot say enough about how factoring really benefitted us when it came to expanding our business.”
“So, it seems like factoring really paid off for you. Do you still use factoring today?”
RM: “Yes we do. Although for the most part we still cash our own invoices, whenever we need money quickly so we can buy some new equipment or expand our business a little further, we go back to the factoring company and cash in our upcoming invoices. It really has worked wonders for our company.”
“Tell me, what would have happened if factoring was not an option?”
RM: Frankly, I don’t know how we could be in the position we are today without factoring. In this business, you have to take advantage of new opportunities quickly because there are other companies out there who will step in if you don’t. Basically, I don’t think we would be anywhere near the company we are today if it had not been for factoring.
There is little doubt that Ray’s company would not be where it was without oil service factoring that allowed him to expand his company when he needed. For those in the oil industry, having your invoices cashed immediately by factoring companies allows greater flexibility so you can grow your business a lot more quickly and take advantage of opportunities.
You Can Find More Information at http://receivablesfactoringcompany.com/
and at www.factorinvoices.org/