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Los Angeles officially the City of Los Angeles, often known by its initials L.A., is the most populous city in the U.S. state of California and the second-most populous in the United States, after New York City, with a population at the 2010 United States Census of 3,792,621. It has a land area of 469 square miles (1,215 km2), and is located in Southern California.

The city is the focal point of the larger Los Angeles–Long Beach–Anaheim metropolitan statistical area and Greater Los Angeles Area region, which contain 13 million and over 18 million people in Combined statistical area respectively as of 2010, making it one of the most populous metropolitan areas in the world and the second-largest in the United States. Los Angeles is also the seat of Los Angeles County, the most populated and one of the most ethnically diverse counties in the United States, while the entire Los Angeles area itself has been recognized as the most diverse of the nation's largest cities. The city's inhabitants are referred to as Angelenos.

Los Angeles was founded on September 4, 1781, by Spanish governor Felipe de Neve. It became a part of Mexico in 1821 following the Mexican War of Independence. In 1848, at the end of the Mexican–American War, Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo, thereby becoming part of the United States. Los Angeles was incorporated as a municipality on April 4, 1850, five months before California achieved statehood.

Nicknamed the City of Angels, Los Angeles is a global city, with strengths in business, international trade, entertainment, culture, media, fashion, science, sports, technology, education, medicine and research and has been ranked sixth in the Global Cities Index and 9th Global Economic Power Index. The city is home to renowned institutions covering a broad range of professional and cultural fields and is one of the most substantial economic engines within the United States. The Los Angeles combined statistical area (CSA) has a gross metropolitan product (P) of $831 billion (as of 2008), making it the third-largest in the world, after the Greater Tokyo and New York metropolitan areas. Los Angeles includes Hollywood and leads the world in the creation of television productions, video games, and recorded music; it is also one of the leaders in motion picture production. Additionally, Los Angeles hosted the Summer Olympic Games in 1932 and 1984.

The Los Angeles coastal area was first settled by the Tongva (or Gabrieleños) and Chumash Native American tribes thousands of years ago. A Gabrielino settlement in the area was called iyáang? (written Yang-na by the Spanish), meaning "poison oak place".

Juan Rodríguez Cabrillo, a Portuguese-born explorer, claimed the area of southern California for the Spanish Empire in 1542. Gaspar de Portolà and Franciscan missionary Juan Crespí, reached the present site of Los Angeles on August 2, 1769.

In 1771, Franciscan friar Junípero Serra directed the building of the Mission San Gabriel Arcángel, the first mission in the area. On September 4, 1781, a group of forty-four settlers known as "Los Pobladores" founded the pueblo called "El Pueblo de Nuestra Señora la Reina de los Ángeles del Río de Porciúncula"; in English it is "The Town of Our Lady the Queen of the Angels of the Porciúncula River". The Queen of the Angels is an honorific of the Virgin Mary. Two-thirds of the settlers were mestizo or mulatto with a mixture of African, indigenous and European ancestry. The settlement remained a small ranch town for decades, but by 1820, the population had increased to about 650 residents. Today, the pueblo is commemorated in the historic district of Los Angeles Pueblo Plaza and Olvera Street, the oldest part of Los Angeles.

New Spain achieved its independence from the Spanish Empire in 1821, and the pueblo continued as a part of Mexico. During Mexican rule, Governor Pío Pico made Los Angeles Alta California's regional capital. Mexican rule ended during the Mexican–American War: Americans took control from the Californios after a series of battles, culminating with the signing of the Treaty of Cahuenga on January 13, 1847.

Railroads arrived with the completion of the Southern Pacific line to Los Angeles in 1876. Oil was discovered in 1892, and by 1923, the discoveries had helped California become the country's largest oil producer, accounting for about one-quarter of the world's petroleum output.

By 1900, the population had grown to more than 102,000, putting pressure on the city's water supply. The completion of the Los Angeles Aqueduct in 1913, under the supervision of William Mulholland, assured the continued growth of the city.

In 1910, not only had the city of Los Angeles annexed Hollywood, but there were already at least 10 movie companies operating in the city. By 1921, more than 80 percent of the world's film industry was concentrated in L.A. The money generated by the industry kept the city insulated from much of the economic pain suffered by the rest of the country during the Great Depression. By 1930, the population surpassed one million. In 1932, the city hosted the Summer Olympics.

During World War II, Los Angeles was a major center of wartime manufacturing, such as shipbuilding and aircraft. Calship built hundreds of Liberty Ships and Victory Ships on Terminal Island, and the Los Angeles area was the headquarters of six of the country During the war, more aircraft were produced in one year than in all the pre-war years since the Wright brothers invented the airplane in 1903, combined. Manufacturing in Los Angeles skyrocketed, and as William S. Knudsen, of the National Defense Advisory Commission put it, "We won because we smothered the enemy in an avalanche of production, the like of which he had never seen, nor dreamed possible.

Following the end of World War II, Los Angeles grew more rapidly than ever, sprawling into the San Fernando Valley. The expansion of the Interstate Highway System during the 1950s and 1960s helped propel suburban growth and signaled the demise of the city's electrified rail system, once the world's largest.

The 1960s saw race relations boil-over into the Watts Riots of 1965 which resulted in 34 deaths and over 1,000 injuries. It was the most severe riot in the city's history until the Los Angeles riots of 1992. In 1969, Los Angeles became one of the birthplaces of the Internet, as the first ARPANET transmission was sent from the University of California, Los Angeles (UCLA) to SRI in Menlo Park.[49]

In 1984, the city hosted the Summer Olympic Games for the second time. Despite being boycotted by 14 Communist countries, the 1984 Olympics became more financially successful than any previous,[50] and the second Olympics to turn a profit until then – the other, according to an analysis of contemporary newspaper reports, being the 1932 Summer Olympics, also held in Los Angeles.[51]

Racial tensions erupted on April 29, 1992, with the acquittal by a Simi Valley jury of the police officers captured on videotape beating Rodney King, culminating in large-scale riots.[52] In 1994, the 6.7 Northridge earthquake shook the city, causing $12.5 billion in damage and 72 deaths.[53] The century ended with the Rampart scandal, one of the most extensive documented cases of police misconduct in American history.[54]

In 2002, voters defeated efforts by the San Fernando Valley and Hollywood to secede from the city.[55]

 

The economy of Los Angeles is driven by international trade, entertainment (television, motion pictures, video games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States.[106] The contiguous ports of Los Angeles and Long Beach together comprise the fifth-busiest port in the world and the most significant port in the Western Hemisphere and is vital to trade within the Pacific Rim.[106] Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation.

The Los Angeles–Long Beach–Santa Ana metropolitan statistical area (MSA) has a gross metropolitan product (P) of $735.7 billion (as of 2010),[107] making it the third largest economic center in the world, after the Greater Tokyo Area and the New York-Newark-Bridgeport CSA. If counted as a country, the surrounding CSA has the 15th largest economy in the world in terms of nominal GDP.[108] Los Angeles has been classified an "Alpha world city" according to a 2012 study by a research group at Loughborough University in England.[109]

The city is home to six Fortune 500 companies. They are energy company .

The University of Southern California (USC) is the city's largest private sector employer and contributes $4 billion annually to the local economy.[110]

According to the city's 2010 Comprehensive Annual Financial Report, the top ten employers in the city as of 2009 were, in descending order, the City of Los Angeles, the County of Los Angeles, University of California, Los Angeles, University of Southern California,.[111]

 

San Diegois a major city in California, on the coast of the Pacific Ocean in Southern California, approximately 120 miles (190 km) south of Los Angeles and immediately adjacent to the border with Mexico. With an estimated population of 1,322,553 as of 2012,[11] San Diego is the eighth-largest city in the United States and second-largest in California. San Diego is the birthplace of California[12] and is known for its mild year-round climate, natural deep-water harbor, extensive beaches, long association with the U.S. Navy, and recent emergence as a healthcare and biotechnology development center.

Historically home to the Kumeyaay people, San Diego was the first site visited by Europeans on what is now the West Coast of the United States. Upon landing in San Diego Bay in 1542, Juan Rodríguez Cabrillo claimed the entire area for Spain, forming the basis for the settlement of Alta California 200 years later. The Presidio and Mission of San Diego, founded in 1769, formed the first European settlement in what is now California. In 1821, San Diego became part of newly independent Mexico, and in 1850, became part of the United States following the Mexican-American War and the admission of California to the union.

The city is the seat of San Diego County and is the economic center of the region as well as the San Diego–Tijuana metropolitan area. San Diego's main economic engines are military and defense-related activities, tourism, international trade, and manufacturing. The presence of the University of California, San Diego (UCSD), with the affiliated UCSD Medical Center, has helped make the area a center of research in biotechnology.

Pre-colonial period

The original inhabitants of the region are now known as the San Dieguito and La Jolla people.[13] The area of San Diego has been inhabited by the Kumeyaay people.[14][15] The first European to visit the region was Portuguese-born explorer Juan Rodríguez Cabrillo sailing under the flag of Castile. Sailing his flagship San Salvador from Navidad, New Spain, Cabrillo claimed the bay for the Spanish Empire in 1542 and named the site 'San Miguel'. In November 1602, Sebastián Vizcaíno was sent to map the California coast. Arriving on his flagship San Diego, Vizcaíno surveyed the harbor and what are now Mission Bay and Point Loma and named the area for the Catholic Saint Didacus, a Spaniard more commonly known as San Diego de Alcalá. On November 12, 1602, the first Christian religious service of record in Alta California was conducted by Friar Antonio de la Ascensión, a member of Vizcaíno's expedition, to celebrate the feast day of San Diego.

Spanish period

In May 1769, Gaspar de Portolà established the Fort Presidio of San Diego on a hill near the San Diego River. It was the first settlement by Europeans in what is now the state of California. In July of the same year, Mission San Diego de Alcalá was founded by Franciscan friars under Father Junípero Serra. By 1797, the mission boasted the largest native population in Alta California, with over 1,400 neophytes living in and around the mission proper. Mission San Diego was the southern anchor in California of the historic mission trail El Camino Real. Both the Presidio and the Mission are National Historic Landmarks.

Mexican period

In 1821, Mexico won its independence from Spain, and San Diego became part of the Mexican state of Alta California. The fort on Presidio Hill was gradually abandoned, while the town of San Diego grew up on the level land below Presidio Hill. The Mission was secularized by the Mexican government in 1834, and most of the Mission lands were sold to wealthy Californio settlers. The 432 residents of the town petitioned the governor to form a pueblo, and Juan María Osuna was elected the first alcalde ("municipal magistrate"), defeating Pío Pico in the vote. (See, List of pre-statehood mayors of San Diego.) However, San Diego had been losing population throughout the 1830s and in 1838 the town lost its pueblo status because its size dropped to an estimated 100 to 150 residents. Beyond town Mexican land grants expanded the number of California ranchos that modestly added to the local economy.

In 1846, the United States went to war against Mexico and sent a naval and land expedition to conquer Alta California. At first they had an easy time of it capturing the major ports including San Diego, but the Californios in southern Alta California struck back. Following the successful revolt in Los Angeles, the American garrison at San Diego was driven out without firing a shot in early October 1846. Mexican partisans held San Diego for three weeks until October 24, 1846, when the Americans recaptured it. For the next several months the Americans were blockaded inside the pueblo. Skirmishes occurred daily and snipers shot into the town every night. The Californios drove cattle away from the pueblo hoping to starve the Americans and their Californio supporters out. On December 1 the Americans garrison learned that the dragoons of General Stephen W. Kearney were at Warner's Ranch. Commodore Robert F. Stockton sent a mounted force of fifty under Captain Archibald Gillespie to march north to meet him. Their joint command of 150 men, returning to San Diego, encountered about 93 Californios under Andrés Pico. In the ensuing Battle of San Pasqual, fought in the San Pasqual Valley which is now part of the city of San Diego, the Americans suffered their worst losses in the campaign. Subsequently a column led by Lieutenant Gray arrived from San Diego, rescuing Kearny's battered and blockaded command.

Stockton and Kearny went on to recover Los Angeles and force the capitulation of Alta California with the "Treaty of Cahuenga" on January 13, 1847. As a result of the Mexican-American War of 1846–1848, the territory of Alta California, including San Diego, was ceded to the United States by Mexico, under the terms of the Treaty of Guadalupe Hidalgo in 1848. The Mexican negotiators of that treaty tried to retain San Diego as part of Mexico, but the Americans insisted that San Diego was "for every commercial purpose of nearly equal importance to us with that of San Francisco," and the Mexican-American border was eventually established to be one league south of the southernmost point of San Diego Bay, so as to include the entire bay within the United States.

American period

The state of California was admitted to the United States in 1850. That same year San Diego was designated the seat of the newly established San Diego County and was incorporated as a city. Joshua H. Bean, the last alcalde of San Diego, was elected the first mayor. Two years later the city was bankrupt; the California legislature revoked the city's charter and placed it under control of a board of trustees, where it remained until 1889. A city charter was re-established in 1889 and today's city charter was adopted in 1931.

The original town of San Diego was located at the foot of Presidio Hill, in the area which is now Old Town San Diego State Historic Park. The location was not ideal, being several miles away from navigable water. In 1850, William Heath Davis promoted a new development by the Bay shore called "New San Diego", several miles south of the original settlement; however, for several decades the new development consisted only a few houses, a pier and an Army depot. In the late 1860s, Alonzo Horton promoted a move to the bayside area, which he called "New Town" and which became Downtown San Diego. Horton promoted the area heavily, and people and businesses began to relocate to New Town because of its location on San Diego Bay convenient to shipping. New Town soon eclipsed the original settlement, known to this day as Old Town, and became the economic and governmental heart of the city. Still, San Diego remained a relative backwater town until the arrival of a railroad connection in 1878.

In the early part of the 20th century, San Diego hosted two World's Fairs: the Panama-California Exposition in 1915 and the California Pacific International Exposition in 1935. Both expositions were held in Balboa Park, and many of the Spanish/Baroque-style buildings that were built for those expositions remain to this day as central features of the park. The buildings were intended to be temporary structures, but most remained in continuous use until they progressively fell into disrepair. Most were eventually rebuilt, using castings of the original facades to retain the architectural style. The menagerie of exotic animals featured at the 1915 exposition provided the basis for the San Diego Zoo. During the 1950s there was a citywide festival called Fiesta del Pacifico highlighting the area's Spanish and Mexican past. In the 2010s there was a proposal for a large-scale celebration of the 100th anniversary of Balboa Park, but the plans were abandoned when the organization tasked with putting on the celebration went out of business.

The southern portion of the Point Loma peninsula was set aside for military purposes as early as 1852. Over the next several decades the Army set up a series of coastal artillery batteries and named the area Fort Rosecrans. Significant U.S. Navy presence began in 1901 with the establishment of the Navy Coaling Station in Point Loma, and expanded greatly during the 1920s. By 1930 the city was host to Naval Base San Diego, Naval Training Center San Diego, San Diego Naval Hospital, Camp Matthews, and Camp Kearny (now Marine Corps Air Station Miramar). The city was also an early center for aviation: as early as World War I San Diego was proclaiming itself "The Air Capital of the West." The city was home to important airplane developers and manufacturers, founded in 1923. Charles A. plane The Spirit of St. Louis was built in San Diego in 1927 by Airlines.

During World War II, San Diego became a major hub of military and defense activity, due to the presence of so many military installations and defense manufacturers. The city's populatio"

"

-114""> five amphibious assault ships, several Los Angeles-class "fast attack" submarines, the Hospital Ship USNS Mercy, carrier and submarine tenders, destroyers, cruisers, frigates, and many smaller ships are home-ported there. Four Navy vessels have been named USS San Diego.

Tourism

Tourism is a major industry owing to the city's climate, its beaches, and numerous tourist attractions such as Balboa Park, Belmont amusement park, San Diego Zoo, San Diego Zoo Safari Park, and San Diego. San Diego's Spanish and Mexican heritage is reflected in the many historic sites across the city, such as Mission San Diego de Alcala and Old Town San Diego State Historic Park. Annual events in San Diego include Comic-Con, the Farmers Insurance Open golf tournament, San Diego Pride, the San Diego Black Film Festival, and Stre Scene Music Festival. Also, the local craft brewing industry attracts an increasing number of visitors for "beer tours" and the annual San Diego Beer Week in November; San Diego has been called "America's Craft Beer Capital."

San Diego County hosted more than 32 million visitors in 2012, of whom approximately half stayed overnight and half were day visitors; collectively they spent an estimated $8 billion locally, with a regional economic impact of more than $18 billion. The visitor industry provides employment for more than 160,000 people. The San Diego Convention Center hosted 68 out-of-town conventions and trade shows in 2009, attracting more than 600,000 visitors. Transient Occupancy Taxes (TOT) have created funding for the City of San Diego Commission for Arts and Culture.

San Diego's cruise ship industry used to be the second-largest in California. Each cruise ship call injects an estimated $2 million (from the purchase of , fuel, supplies, and maintenance services, not counting the money spent by the tourists) into the local economy. . However, cruise ship business has been in steady decline since peaking in 2008, when the Port hosted over 250 ship calls and more than 900,000 passengers. By 2011 the number of ship calls had fallen to 103 (estimated). Cruises operated weekly cruises to the Mexican Riviera for many years, but both ended their regular scheduled service in spring 2012, which was an economic loss to the region of more than $100 million. The decline is blamed on the slumping economy as well as fear of travel to Mexico due to well-publicized violence there.

There are local cruises in San Diego Bay and Mission Bay, available through companies such as and H&M. These include sightseeing and "suns" cruises as well as private-event or "party" cruises. Also available are whale watching cruises to observe the migration of tens of thousands of gray whales that pass by San Diego, peaking in mid-January, and year-round sport fishing expeditions.

International trade

San Diego's commercial port and its location on the United States-Mexico border make international trade an important factor in the city's economy. The city is authorized by the United States government to operate as a Foreign Trade Zone.

The city shares a 15-mile (24 km) border with Mexico that includes two border crossings. San Diego hosts the busiest international border crossing in the world, in the San Ysidro neighborhood at the San Ysidro Port of Entry. A second, primarily commercial border crossing operates in the Otay Mesa area; it is the largest commercial crossing on the California-Baja California border and handles the third-highest volume of trucks and dollar value of trade among all United States-Mexico land crossings.

One of the Port of San Diego's two cargo facilities is located in Downtown San Diego at the Tenth Avenue Marine Terminal. This terminal has facilities for containers, bulk cargo, and refrigerated and frozen storage, so that it can handle the import and export of perishables (including 33 million bananas every month) as well as fertilizer, cement, forest products, and other commodities. In 2009 the Port of San Diego handled 1,137,054 short tons of total trade; foreign trade accounted for 956,637 short tons while domestic trade amounted to 180,417 short tons.

Manufacturing and research

In 2010, former Governor Schwarzenegger’s Office of Economic Development designated San Diego as an iHub Innovation Center for collaboration potentially bween wireless and life sciences, citing the area's wireless business, pharmaceutical research and start- for medical devices and diagnostics.

San Diego hosts several major producers of wireless cellular technology. comm was founded and is headquartered in San Diego, and still is the largest private-sector technology employer (excluding hospitals) in San Diego County. Other wireless industry manufacturers headquartered here include According to the San Diego Business , the largest software company in San Diego is security software company sense Inc. San Diego also has the U.S. headquarters for the Slovakian security company .

The presence of the University of California, San Diego and other research institutions has helped to fuel biotechnology growth. In June 2004, San Diego was ranked the top biotech cluster in the United States by the Milken Institute. In 2013, San Diego has the second-largest biotech cluster in the United States, below the Boston area and above the San Francisco Bay Area. There are more than 400 biotechnology companies in the area. In particular, the La Jolla and nearby Sorrento Valley areas are home to offices and research facilities for numerous biotechnology companies. Major biotechnology companies like are headquartered in San Diego, while many biotech and pharmaceutical companies, such as Biosciences, gen , Technologies, have offices or research facilities in San Diego. There are also several non-profit biotech and health care institutes, such as the Salk Institute for Biological Studies, the Scripps Research Institute, the West Wireless Health Institute and the San-Burnham Institute. San Diego is also home to more than 140 contract research organizations (CROs) that provide a variy of contract services for pharmaceutical and biotechnology companies.[143]

Historically tuna fishing and canning was one of San Diego's major industries,[144] and although the American tuna fishing fle is no longer based in San Diego, sea companies Bumble Bee s and Chicken of the Sea are still headquartered there.[145][146]

Real estate

Prior to 2006, San Diego experienced a dramatic growth of real estate prices, to the extent that the situation was somimes described as a "housing afability crisis". Median single family home prices more than tripled bween 1998 and 2007. According to the California Association of Realtors, in May 2007 a median house in San Diego cost $612,370.[147] Growth of real estate prices was not accompanied by comparable growth of household incomes: the Housing Afability Index (percentage of households that can af to buy a median-priced house) fell below 20 percent in the early 2000s. The San Diego mropolitan area had one of the worst median multiples (ratio of median house price to median household income) of all mropolitan areas in the United States,[148] a situation somimes referred to as a Sunshine tax. As a consequence, San Diego has experienced negative n migration since 2004. A significant number of people moved to adjacent Riverside County, commuting daily from Temecula and Murria to jobs in San Diego. Many of San Diego's home buyers tend to buy homes within the more afable neighborhoods, while others are leaving the state altogher and moving to more afable regions of the country.[149]

San Diego home prices peaked in 2005, then declined as part of a nationwide trend. As of December 2010, home prices were 60 percent higher than in 2000, but down 36 percent from the peak in 2005.[150] The median home price declined by more than $200,000 bween 2005 and 2010, and sales dropped by 50 percent.[151]

and the county seat of Santa Clara County. San Jose is the largest city within Silicon Valley, which is a major component of the greater Bay Area. It is the largest city in Northern California.

San Jose was founded on November 29, 1777, as El Pueblo de San José de Guadalupe, the first civilian town in the Spanish colony of Nueva California.[10] The city served as a farming community to support Spanish military installations at San Francisco andrey. When California gained statehood in 1850, San Jose served as its first capital.[11]

After more than 150 years as a small farming community, the San Jose area in the mid-20th century contained some of the last undeveloped land near San Francisco Bay. It then began to experience rapid population growth, much of it coming from verans rurning from World War II. San Jose then continued its aggressive expansion during the 1950s and 1960s by annexing more land area. The rapid growth of the high-technology and electronics industries further accelerated the transition from an agricultural center, to an urbanized mropolitan area.

By the 1990s, San Jose's location within the booming local technology industry earned the city the nickname "Capital of Silicon Valley". San Jose is now considered to be a global city,[12] and notable for its affluence,[13][14][15][16] and high cost of living.[17] The U.S. Census Bureau reported the population of the city to be 945,942 in 2010.

Prior to European stlement, the area was inhabited by several gro of Ohlone Native Americans.[18] The first lasting European presence began with a series of Franciscan missions established from 1769 by Father Junípero Serra.[19] On orders from Antonio María de Bucareli y Ursúa, Spanish Viceroy of New Spain, San Jose was founded by Lieutenant José Joaquín Moraga as Pueblo de San José de Guadalupe (in honor of Saint Joseph) on November 29, 1777, to establish a farming community. The town was the first civil stlement in Alta California[20]

In 1797, the pueblo was moved from its original location, near the present-day intersection of Guadalupe Parkway and Taylor Stre, to a location in what is now Downtown San Jose. San Jose came under Mexican rule in 1821 after Mexico broke with the Spanish crown. It then became part of the United States, after it capitulated in 1846 and California was annexed.[18]

On March 27, 1850, San Jose became the second incorporated city in the state (after Sacramento), with Josiah Belden its first mayor. San Jose was the California's first State capital, and hosted the first and second sessions (1850–1851) of the California Legislature. Today the Circle of Palms Plaza in downtown is the historical marker for the first state capital. The city was a station on the Butterfield Overland Mail route.

Though not affected as severely as San Francisco, San Jose also suffered much damage from the 1906 San Francisco earthquake. Over 100 people died at the Agnews Asylum (later Agnews State Hospital) after its walls and roof collapsed,[21] and the San Jose High School's three-story stone-and-brick building was also destroyed. The period during World War II was a tumultuous time. Japanese Americans primarily from Japantown were sent to internment camps, including the future mayor, Norman Mina. Following the Los Angeles zoot suit riots, anti-Mexican violence took place during the summer of 1943. In 1940, the Census Bureau reported San Jose's population as 98% white.[22] The entire region prepared for the beginning of the war.

As World War II started, the city's economy shifted from agriculture (the Del cannery was the largest employer) to industrial manufacturing with the contracting of the Machinery Corporation (later known as Corporation) by the United States War Department to build 1000 Landing Vehicle Tracked.[23] After World War II, (later United Defense, and currently BAE Systems) continued as a defense contractor, with the San Jose facilities designing and manufacturing military platforms such as the M113 Armored Personnel Carrier, the Bradley Fighting Vehicle, and various subsystems of the M1 Abrams battle tank.[24]

established its West Coast headquarters in San Jose in 1943 and opened a downtown research and development facility in 1952. Both would prove to be harbingers for the economy of San Jose, as Reynold Johnson and his team would later invent , as well as the Hard disk drive, and the technological side of San Jose's economy grew.[25]

The Motor Company relocated its factory in Richmond to a new location in the suburb of Milpitas, called the San Jose Assembly Plant which was one of the primary locations for manufacturing the Mustang.

During the 1950s and 1960s, city manager A. P. "Dutch" Hamann led the city in a major growth campaign. The city annexed adjacent areas, such as Alviso and Cambrian Park, providing large areas for suburbs. An anti-growth reaction to the effects of rapid development emerged in the 1970s championed by mayors Norman Mina and Jan Gray Hayes. Despite establishing an urban growth boundary, development fees, and incorporations of Campbell and Cupertino, development was not slowed, but rather directed into already incorporated areas.[23]

On April 3, 1979, the San Jose City Council adopted San José, with the diacritical mark on the "e", as the spelling of the city name on the city seal, official stationery, office titles and department names. Also, by city council convention, this spelling of San José is used when the name is stated in both upper- and lower-case lters, but not when the name is stated only in upper-case lters. The accent reflects the Spanish version of the name, and the dropping of accents in all-capital writing was typical in Spanish. The name is still more commonly spelled without the diacritical mark as San Jose.[citation needed] The official name of the city remains City of San Jose with no diacritical mark, according to the City Charter.[26] The city's website appears to use a mixture of both; for example, the "City of San José" in the text uses the mark but the "City of San Jose" logo image does not.[27]

San Jose's position in Silicon Valley triggered more economic and population growth. Results from the 1990 U.S. Census indicated that San Jose surpassed San Francisco as the most populous city in the Bay Area for the first time.[28] This growth led to the highest housing costs increase in the nation, 936% bween 1976 and 2001.[29] Efforts to increase density continued into the 1990s when an update of the 1974 urban plan kept the urban growth boundaries intact and voters rejected a ballot measure to ease development restrictions in the foothills. Sixty percent of the housing built in San Jose since 1980 and over three-quarters of the housing built since 2000 have been multifamily structures, reflecting a political propensity toward Smart Growth planning principles.[30]

 

The large concentration of high-technology engineering, computer, and microprocessor companies around San Jose has led the area to be known as Silicon Valley. As the largest city in the valley, San Jose has billed itself "the capital of Silicon Valley." Area schools such as the University of California, Berkeley, University of California, Santa Cruz, San Jose State University, San Francisco State University, California State University, East Bay, Santa Clara University, and Stan University pump thousands of engineering and computer science graduates into the local economy every year.

High economic growth during the tech bubble caused employment, housing prices, and traffic congestion to peak in the late 1990s. As the economy slowed in the early 2000s, employment and traffic congestion diminished somewhat. In the mid-2000s, traffic along major highways again began to worsen as the economy improved. San Jose had 405,000 jobs within its city limits in 2006, and an unemployment rate of 4.6%. In 2000, San Jose residents had the highest median household income of any city in the United States with a population over 300,000, and currently has the highest median income of any U.S. city with over 280,000 people.

San Jose lists many companies with 1,000 employees or more, . The North American headquarters of sung are located in San Jose.[57] . Sizable government employers include the city government, Santa Clara County, and San Jose State University.[58] Acer's United States division has its offices in San Jose.[59] Prior to its closing, Nhad its headquarters in San Jose.[60][61]

The cost of living in San Jose and the surrounding areas is among the highest in California and the nation.[62] Housing costs are the primary reason for the high cost of living, although the costs in all areas tracked by the ACCRA Cost of Living Index are above the national average. Households in the city limits have the highest disposable income of any city in the U.S. with over 500,000 residents.[63][64]

San Jose residents produce more U.S. patents than any other city.[65] Thirty-five percent of all venture capital funds in the U.S. are invested in San Jose and Silicon Valley companies.[65]

In January 2014 Magazine reported that .com had ranked San Jose-Sunnyvale-Santa Clara mro area as the happiest place to work in the USA. The report cited a large concentration of technology jobs that typically offer a high salary and opportunity for growth, in addition to companies providing "fun and innovative work environments" as some of the reasons for the ranking.[66]

7 San Jose State University 3,11"

"

776, the Spanish established the Presidio of San Francisco, followed by a mission, Mission San Francisco de Asís (Mission Dolores), established by the Spanish explorer Juan Bautista de Anza.

Upon independence from Spain in 1821, the area became part of Mexico. Under Mexican rule, the mission system gradually ended, and its lands became privatized. In 1835, Englishman William Richardson erected the first independent homestead, near a boat anchorage around what is today Portsmouth Square. Together with Alcalde Francisco de Haro, he laid out a street plan for the expanded settlement, and the town, named Yerba Buena, began to attract American settlers. Commodore John D. Sloat claimed California for the United States on July 7, 1846, during the Mexican-American War, and Captain John B. Montgomery arrived to claim Yerba Buena two days later. Yerba Buena was renamed San Francisco on January 30 of the next year, and Mexico officially ceded the territory to the United States at the end of the war. Despite its attractive location as a port and naval base, San Francisco was still a small settlement with inhospitable geography.

The California Gold Rush brought a flood of treasure seekers. With their sourdough bread in tow, prospectors accumulated in San Francisco over rival Benicia, raising the population from 1,000 in 1848 to 25,000 by December 1849. The promise of fabulous riches was so strong that crews on arriving vessels deserted and rushed off to the gold fields, leaving behind a forest of masts in San Francisco harbor. California was quickly granted statehood, and the U.S. military built Fort Point at the Golden Gate and a fort on Alcatraz Island to secure the San Francisco Bay. Silver discoveries, including the Comstock Lode in 1859, further drove rapid population growth. With hordes of fortune seekers streaming through the city, lawlessness was common, and the Barbary Coast section of town gained notoriety as a haven for criminals, prostitution, and gambling.

Entrepreneurs sought to capitalize on the wealth generated by the Gold Rush. Early winners were the banking industry, with the founding of in 1852 and the of California in 1864. Development of the Port of San Francisco and the establishment in 1869 of overland access to the Eastern U.S. rail system via the newly completed Pacific Railroad (the construction of which the city only reluctantly helped support) helped make the Bay Area a center for trade. Catering to the needs and tastes of the growing population, auss opened a dry goods business and began manufacturing chocolate. Immigrant laborers made the city a polyglot culture, with Chinese railroad workers creating the city's Chinatown quarter. In 1870, Asians made up 8% of the population. The first cable cars carried San Franciscans up Clay Street in 1873. The city's sea of Victorian houses began to take shape, and civic leaders campaigned for a spacious public park, resulting in plans for Golden Gate Park. San Franciscans built schools, churches, theaters, and all the hallmarks of civic life. The Presidio developed into the most important American military installation on the Pacific coast. By 1890, San Francisco's population approached 300,000, making it the eighth-largest city in the U.S. at the time. Around 1901, San Francisco was a major city known for its flamboyant style, stately hotels, ostentatious mansions on Nob Hill, and a thriving arts scene. The first North American plague epidemic was the San Francisco plague of 1900–1904.

At 5:12 am on April 18, 1906, a major earthquake struck San Francisco and northern California. As buildings collapsed from the shaking, ruptured gas lines ignited fires that spread across the city and burned out of control for several days. With water mains out of service, the Presidio Artillery Corps attempted to contain the inferno by dynamiting blocks of buildings to create firebreaks. More than three-quarters of the city lay in ruins, including almost all of the downtown core. Contemporary accounts reported that 498 people lost their lives, though modern estimates put the number in the several thousands. More than half of the city's population of 400,000 was left homeless. Refugees settled temporarily in makeshift tent villages in Golden Gate Park, the Presidio, on the beaches, and elsewhere. Many fled permanently to the East Bay.

Rebuilding was rapid and performed on a grand scale. Rejecting calls to completely remake the street grid, San Franciscans opted for speed. Amadeo Giannini's Bank later to become Bank , provided loans for many of those whose livelihoods had been devastated. The iuential San Francisco Planning and Urban Research Association or SPUR was founded in 1910 to address the quality of housing after the earthquake. The earthquake hastened development of western neighborhoods that survived the fire, including Pacific Heights, where many of the city's wealthy rebuilt their homes. In turn, the destroyed mansions of Nob Hill became grand hotels. City Hall rose again in splendorous Beaux Arts style, and the city celebrated its rebirth at the Panama-Pacific International Exposition in 1915.

It was during this period San Francisco built some of its most important infrastructure. Civil Engineer Michael O'Shaughnessy was hired by San Francisco Mayor James Rolph as chief engineer for the city in September 1912 to supervise the construction of the Twin Peaks Reservoir, the Stockton Street Tunnel, the Twin Peaks Tunnel, the San Francisco Municipal Railway, the Auxiliary Water Supply System, and new sewers. San Francisco's streetcar system, of which the J, K, L, M, and N lines survive today, was pushed to completion by O'Shaughnessy between 1915 and 1927. It was the O'Shaughnessy Dam, Hetch Hetchy Reservoir, and Hetch Hetchy Aqueduct that would have the largest effect on San Francisco. An abundant water supply enabled San Francisco to develop into the city it has become today.

In ensuing years, the city solidified its standing as a financial capital; in the wake of the 1929 stock market crash, not a single San Francisco-based bank failed. Indeed, it was at the height of the Great Depression that San Francisco undertook two great civil engineering projects, simultaneously constructing the San Francisco – Oakland Bay Bridge and the Golden Gate Bridge, completing them in 1936 and 1937 respectively. It was in this period that the island of Alcatraz, a former military stockade, began its service as a federal maximum security prison, housing notorious inmates such as Al Capone, and Robert Franklin Stroud, The Birdman of Alcatraz. San Francisco later celebrated its regained grandeur with a World's Fair, the Golden Gate International Exposition in 1939–40, creating Treasure Island in the middle of the bay to house it.

During World War II, the Hunters Point Naval Shipyard became a hub of activity, and Fort Mason became the primary port of embarkation for service members shipping out to the Pacific Theater of Operations.[28] The explosion of jobs drew many people, especially African Americans from the South, to the area. After the end of the war, many military personnel returning from service abroad and civilians who had originally come to work decided to stay. The UN Charter creating the UN was drafted and signed in San Francisco in 1945 and, in 1951, the Treaty of San Francisco officially ended the war with Japan.

Urban planning projects in the 1950s and 1960s involved widespread destruction and redevelopment of west-side neighborhoods and the construction of new freeways, of which only a series of short segments were built before being halted by citizen-led opposition.[55] The onset of containerization made San Francisco's small piers obsolete, and cargo activity moved to the larger Port of Oakland.[56] The city began to lose industrial jobs and turned to tourism as the most important segment of its economy.[57] The suburbs experienced rapid growth, and San Francisco underwent significant demographic change, as large segments of the white population left the city, supplanted by an increasing wave of immigration from Asia and Latin America.[58][59] From 1950 to 1980, the city lost over 10 percent of its population.

Over this period, San Francisco became a magnet for America's counterculture. Beat Generation writers fueled the San Francisco Renaissance and centered on the North Beach neighborhood in the 1950s.[60] Hippies flocked to Haight-Ashbury in the 1960s, reaching a peak with the 1967 Summer of Love.[61] In 1974, the Zebra murders left at least 16 people dead.[62] In the 1970s, the city became a center of the gay rights movement, with the emergence of The Castro as an urban gay village, the election of Harvey Milk to the Board of Supervisors, and his assassination, along with that of Mayor George Moscone, in 1978.[63]

Bank of America completed 555 California Street in 1969 and the Transamerica Pyramid was completed in 1972,[64] igniting a wave of "Manhattanization" that lasted until the late 1980s, a period of extensive high-rise development downtown.[65] The 1980s also saw a dramatic increase in the number of homeless people in the city, an issue that remains today, despite many attempts to address it.[66] The 1989 Loma Prieta earthquake caused destruction and loss of life throughout the Bay Area. In San Francisco, the quake severely damaged structures in the Marina and South of Market districts and precipitated the demolition of the damaged Embarcadero Freeway and much of the damaged Central Freeway, allowing the city to reclaim its historic downtown The Embarcadero waterfront and revitalizing the Hayes Valley neighborhood.

The last 20 years have seen two booms driven by the internet industry. First was the dot-com boom of the late 1990s, startup companies invigorated the San Francisco economy. Large numbers of entrepreneurs and computer application developers moved into the city, followed by marketing, design, and sales professionals, changing the social landscape as once-poorer neighborhoods became increasingly gentrified.[67] Demand for new housing and office space ignited a second wave of high-rise development, this time South of Market.[68] By 2000, the city's population reached new highs, surpassing the previous record set in 1950. When the bubble burst in 2001, many of these companies folded and their employees were laid off. Yet high technology and entrepreneurship remain mainstays of the San Francisco economy. By the mid 2000s, the social media boom had begun, with San Francisco becoming a popular location for tech offices and a popular place to live for people employed in Silicon Valley companies such as .[69]

San Francisco has a diversified service economy, with employment spread across a wide range of professional services, including financial services, tourism, and (increasingly) high technology.[134] In 2012, approximately 25% of workers were employed in professional business services; 16% in government services; 15% in leisure and hospitality; 11% in education and health care; and 9% in financial activities.[134] In 2013, GDP in the five-county San Francisco metropolitan area was US$388.3 billion.[135]

Many large financial institutions, multinational banks, and venture capital firms are based in or have regional headquarters in the city. With over 30 international financial institutions,[137] six Fortune 500 companies,[138] and a large support infrastructure of professional services—including law, public relations, architecture and design—San Francisco is designated as an Alpha(-) World City,[139] and is ranked in 10th place among the top global financial centers.[140]

Tourism is one of the city's largest private-sector industries,[142] accounting for more than one out of seven jobs in the city.[143] The city's frequent portrayal in music, film, and popular culture has made the city and its landmarks recognizable worldwide. San Francisco attracts the fifth-highest number of foreign tourists of any city in the U.S.[dated info][144] and ranks 43rd out of the 100 most visited cities worldwide according to Euromonitor International.[145] More than 16.9 million visitors arrived in San Francisco in 2013, injecting US$9.4 billion into the economy.[146] With a large hotel infrastructure and a world-class convention facility in the Moscone Center, San Francisco is a popular destination for annual conventions and conferences.[147]

Since the 1990s, San Francisco's economy has diversified away from finance and tourism towards the growing fields of high tech, biotechnology, and medical research.[143] Technology jobs accounted for just 1 percent of San Francisco's economy in 1990, growing to 4 percent in 2010 and an estimated 8 percent by the end of 2013.[148] San Francisco became an epicenter of Internet start-up companies during the dot-com bubble of the 1990s and the subsequent social media boom of the late 2000s.[149] Since 2010, San Francisco proper has attracted an increasing share of venture capital investments as compared to nearby Silicon Valley, attracting 423 financings worth US$4.58 billion in 2013.[150][151][152] In 2004, the city approved a payroll tax exemption for biotechnology companies[153] to foster growth in the Mission Bay neighborhood, site of a second campus and hospital of the University of California, San Francisco (UCSF). Mission Bay hosts the California Institute for Regenerative Medicine, California Institute for Quantitative Biosciences, and Gladstone Institutes,[154] as well as more than 40 private-sector life sciences companies.[155]

The top employer in the city is the city government itself, employing 5.3% (25,000+ people) of the city's population, followed by UCSF with over 22,000 employees. Third—at 1.8% (8,500+ people)—is California Pacific Medical Center, the largest private-sector employer.[156] Small businesses with fewer than 10 employees and self-employed firms make up 85% of city establishments,[157] and the number of San Franciscans employed by firms of more than 1,000 employees has fallen by half since 1977.[158] The growth of national big box and formula retail chains into the city has been made intentionally difficult by political and civic consensus. In an effort to buoy small privately owned businesses in San Francisco and preserve the unique retail personality of the city, the Small Business Commission supports a publicity campaign to keep a larger share of retail dollars in the local economy,[159] and the Board of Supervisors has used the planning code to limit the neighborhoods where formula retail establishments can set up shop,[160] an effort affirmed by San Francisco voters.[161]

Like many U.S. cities, San Francisco once had a significant manufacturing sector employing nearly 60,000 workers in 1969, but nearly all production left for cheaper locations by the 1980s.[162] As of 2014, San Francisco has seen a small resurgence in manufacturing, with more than 4,000 manufacturing jobs across 500 companies, doubling since 2011.


The early 1900s marked a heightened interest in conventioneering in San Francisco, resulting in an increase in the hotel industry: “In 1959, the city had fewer than thirty-three hundred first-class hotel rooms; by 1970, the number was nine thousand; and by 1999, there were more than thirty thousand.” [163] The establishment of convention centers, such as Yerba Buena, acted as a feeder into the local tourist economies and helped transform San Francisco into a convention-tourist economy, underpinning much of the great success of the restaurant and hotel industries.

 

Fresno (-noh), the county seat of Fresno County, is a city in the U.S. state of California. As of 2013, the city's population was 509,000 making it the fifth largest city in California, the largest inland city in California and the 34th largest in the nation. Fresno is in the center of the San Joaquin Valley and is the largest city in the Central Valley, which contains the San Joaquin Valley. It is approximately 200 miles (320 km) north of Los Angeles, and 170 miles (270 km) south of the state capital, Sacramento. Metropolitan Fresno has a population of 1,107,416.[citation needed] The name Fresno means 'ash tree' in Spanish, and an ash leaf is featured on the city's flag.

The original inhabitants of the San Joaquin Valley region were the Yokuts people, who engaged in trading with other Californian tribes of Native Americans including coastal peoples such as the Chumash of the Central California coast, with whom they are thought to have traded plant and animal products.

The county of Fresno was formed in 1856 after the California Gold Rush. It was named for the abundant ash trees lining the San Joaquin River. The county was much larger than it is today as part of Tulare County, comprising its current area plus all of what became Madera County and parts of what are now San Benito, Kings, Inyo, and Mono counties.[citation needed]

Millerton, then on the banks of the free-flowing San Joaquin River and close to Fort Miller, became the county seat after becoming a focal point for settlers. Other early county settlements included Firebaugh's Ferry, Scottsburg and Elkhorn Springs.

The San Joaquin River flooded on December 24, 1867, inundating Millerton. Some residents rebuilt, others moved. Flooding also destroyed the town of Scottsburg on the nearby Kings River that winter. Rebuilt on higher ground, Scottsburg was renamed Centerville.[citation needed]

In 1867, Anthony "McQeen" Easterby purchased land bounded by the present Chestnut, Belmont, Clovis and California avenues, that today is called the Sunnyside district. Unable to grow wheat for lack of water, he hired sheep man Moses J. Church in 1871 to create an irrigation system.[citation needed] Building new canals and purchasing existing ditches, Church then formed the Fresno Canal and Irrigation Company, a predecessor of the Fresno Irrigation District.

In 1872, the Central Pacific Railroad established a station near Easterby's—by now a hugely productive wheat farm—for its new Southern Pacific line. Soon there was a store. Around the station and the store grew the town of Fresno Station, later called Fresno. Many Millerton residents, drawn by the convenience of the railroad and worried about flooding, moved to the new community. Fresno became an incorporated city in 1885. By 1931 the Fresno Traction Company operated 47 streetcars over 49 miles of track.[11]

In 1877, William Helm made Fresno his home with a five-acre tract of land at the corner of Fresno and R streets. Helm was the largest individual sheep grower in Fresno County. In carrying his wool to market at Stockton, he used three wagons, each drawn by ten mules, and spent twelve days in making the round trip.[12]

Two years after the station was established, county residents voted to move the county seat from Millerton to Fresno. When the Friant Dam was completed in 1944, the site of Millerton became inundated by the waters of Millerton Lake. In extreme droughts, when the reservoir shrinks, ruins of the original county seat can still be observed.

In the nineteenth century, with so much wooden construction and in the absence of sophisticated firefighting resources, fires often ravaged American frontier towns. The greatest of Fresno's early-day fires, in 1882, destroyed an entire block of the city. Another devastating blaze struck in 1883.

In 1909, Fresno's first and oldest synagogue, Temple Beth Israel, was founded.

The population of Fresno proper soared in the second half of the 20th century. It entered the ranks of the 100 largest United States cities in 1960 census with a population of 134,000. In the 1990 census it moved up to 47th place with 354,000, and in the census of 2000 it a"

 

You may become aware of freight bill factoring but you may well mistake exactly what it is or much more significantly what it can possibly do for your company. Freight Invoice Factoring also understood as receivables financing is a form of asset based lending that will improve a business' short-term cash flow. It is not a loan; no debt is assumed by Receivable Funding ,and the financing is unconditional. Factoring Loans Companies in Factoring Line Of Credit California Trucking Factoring Companies at Truckingfactoringcompany.org- supporting invoice factoring lines of credit services california-trucking-factoring-companies

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The economy of California is large enough to be comparable to that of the largest of countries. FY 2011[update], the gross state product (GSP) is about $1.96 trillion, the largest in the United States.[102] California is responsible for 13.1 percent of the United States' $14.96 trillion gross domestic product (GDP). California's GDP is larger than that of all but 8 countries in dollar terms (the United States, China, Japan, Germany, France, Brazil, the United Kingdom, and Italy). California's GDP is larger than the GDPs of Russia, India, Canada, Australia, and Spain; in terms of Purchasing Power Parity,[103] it is larger than all but 9 countries (the United States, China, India, Japan, Germany, Russia, Brazil, France, the United Kingdom, Italy), larger than Mexico, South Korea, Spain, Canada, and Turkey. In terms of jobs, the five largest sectors in California are trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In terms of output, the five largest sectors are financial services, followed by trade, transportation, and utilities; education and health services; government; and manufacturing. Agriculture is an important sector in California's economy. Farming-related sales more than quadrupled over the past three decades, from $7.3 billion in 1974 to nearly $31 billion in 2004.[107] This increase has occurred despite a 15 percent decline in acreage devoted to farming during the period, and water supply suffering from chronic instability. Factors contributing to the growth in sales-per-acre include more intensive use of active farmlands and technological improvements in crop production.[107] In 2008, California's 81,500 farms and ranches generated $36.2 billion products revenue.[108] In 2011, that number grew to $43.5 billion products revenue.

 

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This is specifically true of truck companies. They tend to take care of numbers of statements which means a significant quantity of collection time demands company owner themselves. Seeking to get paid promptly can eventually become an unbelievable difficulty and this is the reason why you utilize truck factoring organizations who are delighted to help out truckers mainly.

 

 



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At one time or another, every business, even successful ones, have actually experienced poor cash flow.

Money flow does not have to be a problem any more. Do not be deceived -- banks are not the only places you can get funding. Other options are offered and you do not have to borrow. Exactly what is truck factoring ? One solution is called trucking factoring. Trucking Factoring is the process of offering invoices to a financier instead of waiting to gather the money from the customer. Oh, the Irony- Trucking factoring has an ironic distinction: It is the financial backbone of many of America's most effective businesses. Why is this paradoxical ? Because invoice factoring is not taught in business colleges, is seldom mentioned in company plans and is relatively unidentified to bulk of most of American company people.

Yet it is a financial procedure that releases up billions of dollars every year, allowing thousands of companies to grow and prosper. Invoice Factoring has been around for countless years. Invoice Factoring Companies are financiers who pay cash for the right to receive the future payments on your invoices. An unpaid receivable or invoice has value. It is a financial obligation your client has actually to pay in the near future. Factoring Principals--Although factoring deals exclusively with business-to-business deals, a big percentage of the retail business uses a factoring principal. MasterCard, Visa, and American Express all use a type of factoring in their retail deals. Using the purest meaning of the word, these large customer finance business are really simply big Staffing Factoring Companies of customer paper. Think about it: You make a purchase at Sears and charge it to your MasterCard. The shop makes money almost instantly, although you do not pay up until you are ready.

For this service, the charge card company charges Sears a fee (typical common normal fees vary from two to four percent of the sale). The Benefits Receivable Loan Funding can offer many advantages to cash-hungry business. Rather than wait 30, 60, 90 days or longer for payment on an item that has actually currently been provided, a company can factor (sell) its receivables for money at a small discount off the amount of the invoice. Payroll, advertising efforts, and working capital are simply a few of the company needs that can be satisfied with instant  money.

Invoice Factoring offers the means for a producer to renew stock and make more products to offer: There is no longer a requirement to wait for earlier sales to be paid. Receivable Loan Financing is not just a money management tool for producers: Almost any type business can benefit from Commercial Factoring. Typically, a company that extends credit will have 10 to 20 percent of its yearly sales tied up in accounts receivable at any given time. Think for a minute about how much is tied up in 60 days' worth of invoices: You can not pay the power bill or today s payroll with a client s invoice, but you can offer that invoice for the cash to satisfy those responsibilities. Using truck factoring companies is a fast and simple process. The factor buys the invoice at a discount, typically a couple of portion points less than the face value of the invoice.

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Georgia, Hawaii, Idaho State,Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska,
Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina,
North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,
South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia,
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Oilfield services Receivables Financing company Calculator
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Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

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Searching for the right trucking companies to move your freight can be tough, with the large amount of local, regional, and national truck carriers out there. Center helps make freight shipping simple, finding you the safest, reliable trucking companies every time you ship. Trucking companies are licensed and insured to carry freight safely and efficiently across the country, no matter the size or type of freight you need to ship.Plus, with the high volume of freight we move, we will work to get you the best freight rates possible. Simply enter in a few details below and you�ll see instant freight rates from all the top trucking companies in one easy screen

 

The largest trucking companies in the U.S. set a revenue record in 2013, but revenuegrowth slowed for the second year in a row.

The combined revenue of the 50 largest motor carriers rose to $106.6 billion last year, according to The Top 50 Trucking Companies list, based on data prepared by Consulting Group in Pittsburgh.

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�So It is not a loan?� asked Michael Jackson, reclining back into his chair and crossing his legs. The woman sitting across the desk from Michael smiled at him, shaking her head.�Not quite,� she stated.Michael was the owner of a small trucking company which had fallen on some hard times recently. Certainly the trucking business can be an extremely profitable venture, and for many years it had been that way for Kurt. He named his business Morris Trucking, named after Harvey and Peter, his two grandfathers. Both of these men had been very hardworking and had set a great example for Kurt.Six months ago disaster struck Kurt's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was involved in a very costly accident, and the other simply rolled over, and headed to the trucking graveyard. The financial security of Kurt's company relied on his full fleet on fifteen being on the road, and missing two trucks was just devastating . Furthermore, buying a whole new truck and fixing the other simply took more cash than Michael had on hand.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

You could go a month or more before bills were completely paid off. This system works okay as long as no problems arise, but if they do, then things can get quite sticky.Michael was an excellent business man, and he certainly hadn't done anything wrong. Things had happened that he could not have predicted, and he had to figure out a way to keep his business from hurting, or even going under.That�s where the woman across the desk came in. Her name was Annette and she worked for a factoring company. Michael had come across her company as he sat in his office late one night, pouring over the internet for some solution to his problem long after his employees had gone home.Annette explained. �it is really not a loan at all: we actually buy your accounts receivable. We aren�t giving you money to be paid back later, we�re buying something from you, and you can buy it back when you can. This is a win-win situation: we are protected from a total loss, and you're protected from the ridiculous fees and charges you'd have to pay if you borrowed from a bank.Michael nodded. It sounded perfect - perhaps too good?.The woman laughed. �You look like you don�t believe me,� she said.�Oh no, I do: it just sounds too good to be true. I thought I was going to lose my company.�Annette smiled, agreeing. �We get that a lot. There's no way we want to see you lose your business. We know how hard you work, and that you've invested everything in your business. Sometimes you need help. That�s what we�re here for.""In any case, thank you for coming to see me.""It�s right down the road, usually we do it all online, but I didn�t mind swinging on by today,� Annette said with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Michael filled the form out, with Annette available to help him if he needed it. The completed profile gave Annette and her company all the information they needed on Kurt's business, and with this information they would determine if this business would in fact be suitable for Factoring. Unfortunately, not all companies are. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Michael completed his form, Annette listened to his story and she felt quite sure he would be the ideal candidate for Factoring.When the form was done Annette took it and slid it into her briefcase. She then stood, reached across the desk and shook Kurt�s hand. He also stood up, and they smiled at each other. They said their goodbyes and Michael walked her to the door, and then returned to his office.His employees were there, seven who worked in the office, and as he sat behind his desk once more he heard the familiar clack of fingers on keyboards, the electronic whine of the copy machine.He leaned back and closed his eyes. He had felt so helpless lately, was sure the whole thing was collapsing, and would take him with it. Talking to Annette though, learning about factoring, it felt like a weight had been lifted from his shoulders. He sat back in his chair and ran a hand through his graying but still thick black hair.All those long, sleepless nights. The sudden panic attacks, not matter where he was. Already he could feel all the stress start to drain away. He wasn�t out of the woods yet, there was still a lot of work to be done, but he could feel it. He was still here; he knew this was the right path for him, and he felt proud that he had taken the appropriate steps to sort out his problems.His mind wandered back to the very beginning, when he first started his business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been really successful. Offering home cooking in his own hometown, his business had really prospered.But he had gotten bored. He wasn't passionate about the food industry. He thought about it for a long time, then decided it was time to sell his restaurant. He took six months off, and during that time he decided to create Morris Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. The business had been an instant success.And then the trucks went down, and his success looked to be in flux. He was about to turn fifty. He didn�t think he had it in him, to save this company. But giving up wasn't part of his personality either.

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Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He did not want to quit - both for himself and for his staff members.And now, because of factoring, he was sure he wouldn�t have to. Kurt's eyes opened, he sat forward in his chair and turned on his computer. He had things to do. There would be plenty of time later to be thankful, but for now it was time to get back to work.

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Best Trucking Factoring Company

 

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Oliver Truck and Haul has been in business since the mid 1980s. They've delivered goods for nearly every major industry in the nation and for 20 plus years, business was booming as they've traversed the country in all weather for all clients. During the boom times from 2002 to 2007 Oliver Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Very few customers were behind on their bills, and those customers who were late turned in their overdue payments within an acceptable time frame. Times were great for everyone, and the cash was flowing.It was just one year later, in 2008, when the economy in the United States took a sharp decline, and both large and small businesses started to notice the squeeze on their pocketbooks: everyone had suddenly gone silent. Business slowed down. Worse still, it was noticed by Oliver in early 2008 that even though most of their loyal customers were on time with their payments, there were a few late bloomers who were starting to spread the disease. Spring changed to summer, summer changed to fall, and the CEO of Oliver, Milton Simmons, was beginning to feel very uncomfortable indeed whenever he looked at their weekly Accounts Receivable reports. There was a growing list of clients who now owed them back debt.He had already been to the administrators to ask what the actual problem was. Were they doing something wrong or different when it came to reaching out to delinquent accounts? When checking his bookkeeper's records this was definitely not the case. Perhaps he was losing his customers to his competitor, who seemed to offer very low prices with no guarantee of quality or performance, and these clients who were in debt to his company had possibly disappeared leaving him stranded. They could not afford to pay him their debt, but they could afford a lesser service, maybe. But after doing the cursory research for this and talking to friends in the field, he found that alas, no, customers of Oliver hadn't gone elsewhere. The had just gone!.This current state-of-affairs was causing Milton Simmons to have some very restless nights. Milton was very concerned, because there were constant overheads, goods to ship, employees to pay, and trucks which needed to be maintained, but there just wasn't the money coming back into the business. After work he would confide in his wife, Ella, and neither were unable to stop the constant worry over the lack of funds.""I have a bad feeling, Lin,"" he would say with deep woe.""Well, what do you think it is?"" she would ask.Milton would stare off into the distance, and then slowly close his eyes. In his mind he could clearly see the fleet of trucks purchased over the many years. He could see them on the road, delivering good to all his loyal customers. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. Why couldn�t he work out how to resolve this financial problem with his business?""I know what it is,"" said Milton. ""For way too long I've been relying solely on profits received from invoices. I've let too many of our customers go too long without paying on their bills."" Ella would look at her husband lovingly, and holding his hand would say 'it is such a harsh economy these days and our clients must be having difficulty meeting their responsibilities'.""Milton knew his wife meant well, but he knew that he was responsible for too many people to sit idly by, waiting for the sun to peak over the clouds.The following day Milton walked into his office with a spring in his step, determined to call each and every client who owed money to Oliver Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Milton knew he should be overseeing all the other sides of the business, such as shipments and deliveries, approaching prospective customers, or working with his sales team. But, he felt like he was doing something proactive to help his business, even though he had staff on salary to do just that thing. Wasting money, wasting time - even with the best of intentions, Milton knew that he was in trouble.

 

Poor Milton spent the whole morning trying in vain to contact his debtors: they promised to call back, dodged his calls, or made small interest-only payments. He was beginning to feel quite despaired when his secretary knocked on his door.

 

""Can I have a word with you Milton?"" she asked standing in the doorway.

 

""Sure thing Debra, come on in."" Milton leaned back in his chair and looked expectantly at Debraerely.""Well, I did a little searching this afternoon and tried to figure out a way out of this mess Milton."" She opened up a folder she had been carrying and pulled out a small wad of papers, placing them on the desk in front of him.""Have you ever heard of factoring?"" she asked.""It sounds vaguely familiar. What is factoring""? he asked.She began, ""Well, it is really very simple. So basically, factoring invoices would enable us to get paid on the nose for loads that we haul.""Immediately?"" Milton interrupted.""Immediately, yes"" she added, ""it is actually very simple. We start by having a professional account manager review our figures and help us set up a company profile. That profile will also include investigating our accounts receivable aging reports, our existing customer credit limits and so on. Additionally, the factoring will help to determine the creditworthiness of our customers independent of their credit history with our business. It provides a very broad view.""Milton replied cautiously ""I see - and what happens then?""Well, after their review, and we�re approved for a factoring contract, we can negotiate terms and conditions. You'll be surprised at the amount of flexibility, all dependent upon the credit histories and business volume.

 

This company tells us what the cost will be to purchase factoring for our accounts receivable. Once we arrive at a mutual agreement, the funding begins.�Milton was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Debra,"" he said.""Yes, I know; that's exactly what I thought at the beginning. But think about it, Milton: they've guaranteed that experts will do all the paperwork, and that will free us up to do what we should be doing - focusing on our customers in good standing, and that kind of stuff. They appear to be very flexible, Milton,"" she underlined a paragraph on the paper before him.""How flexible?"" asked Milton.""They personalize the factoring rates so that the amount they are willing to take on is commensurate with our needs and our client�s debt. It only takes 2 to 4 days for this to be figured out. ""That sounds pretty good, seeing as we tapped ourselves out with bank loans last year to repair the fleet and money sure is tight. We need to keep business rolling as normal and every day we�re going unpaid, we�re closer to facing some serious problems in both the short and long term,"" Milton said.He took a deep breath and looked at his secretary with something she recognized as hope.""Exactly�. This could be the answer to our prayers: it will solve many problems we are facing due to these unpaid debts.""Milton took a moment to think about this solution, and agreed with his secretary. The customers who were in debt to Oliver Truck & Haul were professional resources of the company, but they were also long-standing friends. Just because they were experiencing difficulties paying their own bills now, Milton was very concerned about losing these relationships. Milton knew only too well that the whole economy was floundering, and that it was not going to change overnight. If he did not handle these debtors in the right way, that unknown amount of time could spell disaster for all of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Let me go over this tonight Debra, and thankyou."" Debra stood up and left Milton's office, with the nice feeling of knowing that she may just have solved a very serious problem.Milton sat behind his desk and looked over the details Debra had not mentioned in their meeting. He wondered if there might be other problems freight factoring could help Oliver Truck & Haul with? Running his pencil down the sheet, he noted that the freight factoring company could assist with fuel costs, fuel advances, and fuel discount cards. Milton was surprised: it said that his company could get up to fifty percent cash advances on load pickups. As a man who hated binding contracts with no room to breathe, he was pleased to see that this factoring company would not make him sign a long term contract, would not make him pay any sign up fees and there was no minimum volume required.""I must tell Glenn the good news,"" Milton muttered to himself.His son-in-law Glenn had liked the idea of Oliver so much and revered his father in law for having such business acumen that only two years before, he had gathered the venture capital to begin his own transportation service company. Milton knew then what struggles Glenn would face but he encouraged him nonetheless. With the economy the way it was, if an established company such as Oliver was struggling then the little guys, like Glenn, were going to be in even more trouble.

http://jklfunding.com/

Perhaps the antidote to these problems was in freight factoring, and they were about to find out.A few months later after going through the entire application process and having the experts review his accounts receivable, credit history and statements, Milton found himself beginning to dig his way out of the hole his delinquent account holders had created for him.They adopted reasonable factoring purchase contracts and stopped wasting their own precious time trying to collect debts. They used that time to refocus their efforts in being competitive in new territories. Milton looked back on the dismal months of life before freight factoring and almost shuddered at the thought. Had he missed the boat on this one, he probably wouldn't be in business today.

 

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Best Trucking Factoring Company

 

Reasons why Truck Establishments Employ Factoring Companies.

 

As the owner of your own company, you may likely be much more than mindful already of the hardship in making certain that cash flow matters do not become a problem down the line. After all, the most awful thing that can potentially happen for your business is to find yourself embroiled in a long and complicated condition that leaves you forever searching for the cash you need on an continuing manner.

 

For just about any company in this condition, the dilemma can come for waiting for work to clear up and actually be provided into your account. Invoices, checks, and the like can take some time to actually to beprocessed which may leave you with short-term cash flow problems. Luckily, there are solutions out there for companies to look into-- and one of these is factoring firms.

 

Factoring agencies will, in trade for your accounts, grant you with the cash right now in order that you do not have to fret about the delaying period which could make paying the expenses and obtaining materialsmore troublesome. With this type of system, invoice factoring can become extraordinarily useful for numerous companies who ought to avoid a money lure which they have discovered themselves in.

 

Simply because, relying on the volume of the work, it can take up to 60 days for some businesses to get paid then it is necessary to cover up your own back and definitely not leave yourself money short to pay the costs. After all, how many establishments possess two months profits just lying there to handle all their expenses till they make money?

 

This is primarily true of trucking enterprises. They have the tendency to deal with bunches of invoices which means a huge volume of collection time involves business owner themselves. Making an effort to get paid off in time can end up being an extraordinary difficulty and this is the reason why you make use of trucking factoring providers who are delighted to help out truckers primarily.

 

As we all know, trucking is an extremely huge industry with a lot of companies out there employing hundreds of drivers. Regrettably, numerous of these drivers land up in money issues since they are still anticipating work from six weeks earlier to actually pay them. When this is the scenario for a trucking firm, turning to factoring providers for assistance may be the finest alternative left.

 

This signifies that a trucking firm can pay the wages of the crew, keep all the vehicles filled with fuel and continue to surmount, flourish and expand without constantly waiting for the cash which is taking too lengthy to come in. Trucking Companies operating without a factoring system used are leaving themselves at critical threat, as competitions cash out quickly and go on to grow.

 

There's genuinely nothing to be stressed about when it comes to utilizing a Factoring contractor-- they are not like a financial institution or an individual who is going to leave you with a big pile of liability to repay. You give them authentic invoices from output you have already finished , you are merely accelerating the payment process.

 

In the Usa, where truck firms grow, factoring companies are not considered accepting loan of in any capacity. This private arrangement then lets both groups to make money and delight in a good future-- it gives the factoring provider a warranted asset of earnings to put into the list and it supplies the trucking business the needed money that they worked hard to get.

 

The trucking company presents their invoices to the factoring company. The trucking factoring provider then acquire the payment amounts from the trucking company's clients. Factoring has been all around for hundreds of years and has been adopted for long times by a lot of varied markets-- but none much more so than truckers. While you may well lose out on a small part of the money, something like 1-3 % depending upon who you work with, it indicates that you are receiving the finances today and can actually begin putting the funds to operate.

 

After all, an IOU or an invoice is not actually going to finance costs, is it? For trucking agencies when the hard earned cash can be very good one day and gone the next, it is up to the vehicle drivers to work sensibly and to make sure that they are leaving themselves with a substantial volume of time and finance to get through the week up until they are compensated once more.

 

So the next moment your trucking business is having some short-term cash flow problems and you are investing excessive time chasing slow paying clienteles, why not start considering utilizing a factoring companies as a method to get your money and give yourself a more convenient future in the eyes of your trucking workers and your bank difference?

 

 

 

 

 

 

 

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Best Trucking Factoring Company

 

The Future of a Trucking Company, and Factoring Joe Stewart let the phone ring on his desk. He let his morning coffee cool and left his cigarette to ash itself in the tray, because he is trying to make the biggest decision ever for his trucking company. Stewart Trucking Company was at a turning point of growth and Joe had to decide if signing with a factoring company was the right way forward.

 

Joe�s father had started as an owner-operator and had grown Stewart Trucking Company into a fifteen trailer fleet over forty years. Yes, they had survived some very difficult times when it appeared like they might go under, and even Joe's mother had jumped into the cab at times to make hauls. His father had worked long enough to see the price of hires drop dramatically during the recession and to see the explosion of fuel prices afterwards. Now the company was solely in Joe�s hands and he wanted to live to see it in better shape for his sons.

 

To move Stewart Trucking Company ahead into the future, he needed a steady cash flow but there was just not enough money to go around. He had employees to pay. They had families and household bills too. A few of the refrigerated trailers really needed some maintenance, and in order to stay competitive he really wanted to invest in specialized haulers to meet the increasing requests for loads of agricultural and energy equipment. Every time he had to turn down a request, Stewart Trucking looked weak in a very strong market.

 

His father would have told him to wait and to take his time adding on new technology. Joe chuckled, thinking about his father. He remembered when his father was totally against installing GPS units in the cabs. He would say, �Why do you need the voice of some woman to tell you to get off at an exit that has been the same exit that has been there for years?� He smiled to himself as he remembered his father poking fun at the other drivers who switched to automatic, even though automatic was quite obviously more efficient (though less manly). His father days were long gone and technology was actually an important improvement for the business such as having Qualcomm to cut down on fruitless time communicating on the phone for bills of lading.

 

Joe believed a successful man is always thinking of his next step. How would he take Stewart Trucking to the next level? More importantly, how could he afford it? Business funding was tied up in fuel bills and the mortgage for the garage and office. He just finished paying off the small bank loan for installing satellite radio in the trucks for the guys.

 

He wondered about factoring - was this the answer for him? There was a lot he didn�t understand about the process. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of the trucking business. A factoring company actually purchases your invoices and takes control of your accounts receivable, payment being a certain percentage of the amount invoiced. The factoring company gives the trucking business its payment right away which allows the business to have continuous cash flow so it can pay employees, buy fuel, and make repairs for upcoming hauls. Without this assistance, you're placed in the position of waiting for payment from your customers, and this can often be thirty days, or more. In those 30 days, a trucking company can�t pay its bills and employees in invoices.

 

Joe had to really consider what his next step was going to be. Joe had heard that there were companies that charged for same day money transfers and would only advance a percentage of the money owed to your company while holding the rest in a private account if they didn�t get their bill payment within 60 or so days. Worse still, if the customer defaulted on payment, the factoring company takes it out of the money supposedly coming to you! He'd even heard about some companies putting you onto a sliding percentage scale regardless of any previously signed contracts for possibly 3% or 7%, and there you are now with 10% coming as a charge to you out of the freight bill. His colleague, Ronnie, who owned a trucking company in Missouri, was nearly destroyed by a factoring company who charged him the full freight bill on top of the fees for factoring. He knew he would have to be very careful if he was to avoid any of these shady companies?

 

But it turned out to be quite easy. When he called the factoring companies he discovered they were very open about their business practices, and very friendly and helpful. Customer service appeared to understand their company and explained in clear, concise English exactly how it all worked. He was quite happy to sign an exclusive contract. In fact, he was quite pleased with the idea of a long-term contract because he knew this was a one-off and he would not have to keep going back and forth to different companies. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. In fact there were a few companies who offered him a non-recourse factoring program, and this was exactly what he had been hoping for. He was more than happy with the figures he was offered in percentage terms on the freight bills. It was good money.

 

For Joe it was quite a relief to be dealing with the factoring company. They were extremely helpful and more personable than the bank staff. He was relieved to note that the factoring companies understood the trucking business and discussed business with him like a respected client, not like someone looking for a handout. The factoring companies were not interested in his credit nor the financial problems his father had experienced in the past. Factoring was based on the credit of his customers and on their reliability which worked well for Joe because he and his father had built up good strong relationships over decades with their list of clients. So he knew they would understand when the factoring company contacted them for the invoices. His clients would not have any problems, nor would they think poorly of Stewart Trucking, because the factoring companies handle themselves in such a polite and professional manner, similar to the way his father had managed the business in the past.

 

Feeling happier now, Joe stepped out of his office to advise his secretary to expect to receive the contract very shortly from the factoring company. He felt exhilarated by the new possibilities that would make the future of the company fun again and put the stress of the difficult times behind him. With the capabilities of this new cash flow, Joe could actually expand Stewart Trucking Company further across the country and perhaps even go international into Canada. His heart felt full knowing his sons wouldn�t have to worry about money because of the right decisions he had made for their trucking business.

 

 

 

 

 

 

 

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Date Published- 2014- 10-01 Best Trucking Factoring Company

 

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Traditional Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

While not every business can take advantage of Trucking 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. There is no debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. Should the unforeseeable happen and your business fails, you will not have to worry about anyone coming after your personal as well as your business assets to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. No Collateral Required. Another great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is buying your accounts receivables. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. Receive Your Money Faster. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking 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 vast 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.You receive interest up-front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less likely to pay.A Trucking Factoring company is not the only method of gaining access to finance for the running and growing of your business, however it does offer a financing option well worth considering.

 

"
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"

Traditional Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. These loans can be a life-saver, but they're not always available to every business. As an example, a newly formed business may not have the required assets to qualify for a bank loan, and even if they did, it is usual practise for a bank to use the business itself as collateral. This means that if you default on your loan payment you could lose your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Once the loan is paid off, you can then apply for another loan if the need arises.

 

Trucking Factoring Companies

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Trucking Factoring companies do not give loans, and the money you get from the Trucking Factoring company does not put you in debt. The finance you receive from the Trucking Factoring company is determined by money already earned by your business, but not yet received. Trucking Factoring companies actually purchase your accounts receivable or at least part of them for a percentage of their total worth, Normally around 80%-95%. The amount of finance you can receive will be based on the amount you have earned and the accounts receivable you are prepared to sell. Once a Trucking Factoring account has been created for you, it will continue for as long as you need it, with the money available continuing to grow as your business grows, and providing cash as you require it.

 

Benefits of a Trucking Factoring Company Vs. A Bank Loan

 

While not every business can take advantage of Trucking 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. There is no debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. One of the main benefits of this kind of financing is that your business credit rating and your personal credit rating will not be affected. Should the unforeseeable happen and your business fails, you will not have to worry about anyone coming after your personal as well as your business assets to pay off a loan. The debt goes onto your credit report with a bank loan, with only one missed payment adversely affecting your business credit: it would also affect your ability to secure insurance, and may reflect on your personal credit rating as well.

 

2. No Collateral Required. Another great benefit of using the services of a Trucking Factoring company instead of a bank loan is that there is no collateral required for the Trucking Factoring company, because the Trucking Factoring company is buying your accounts receivables. Plus, the state of your credit rating is not an issue; however the Trucking Factoring company will run a credit check on your clients whose accounts receivable are being offered for financing. This means that it is easier for new businesses to access the finance they need through a Trucking Factoring company, providing their accounts receivable are in good order. A bank may believe you haven't been in business long enough to be able to cover this risk.

 

3. Receive Your Money Faster. Using a Trucking Factoring company means that you'll get the finance quicker. Once the Trucking 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 vast 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.You receive interest up-front. With a bank loan interest continues to build, and this has to be paid the whole time you have a business loan; however with a Trucking Factoring company there is no interest - they take it right off the top by deducting it from the total amount of receivable accounts. So you do not have to worry about monthly loan repayments, and you do not have to worry about the amount of interest payable, because all the money in the account is yours to spend.

 

As you can see from the above, there are some great benefits to financing through a Trucking Factoring company, and not through a traditional bank loan. In addition, there are other benefits that a Trucking Factoring company can offer you, outside the scope of a bank. The most important benefits is that once you sell your accounts receivable to the factory company, you do not have to take time away from running your business to collect the money owed from reluctant to pay customers. The Trucking Factoring company takes over that chore, since it is now their money to collect. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

Another bonus is that, because the Trucking Factoring company has evaluated the quality of your customers' credit before buying the accounts receivable, you learn valuable information regarding your customers, like which ones are likely to pay, and which ones are less likely to pay.A Trucking Factoring company is not the only method of gaining access to finance for the running and growing of your business, however it does offer a financing option well worth considering.

 

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