1st Commercial Credit Provides $600K Payroll Funding to Woman-Owned Staffing Business

1st Commercial Credit provided $600,000 in payroll funding to a woman-owned staffing business.

Payroll funding is essentially pre-funding that provides funds to a business specifically for payroll, with all taxes paid down once the invoice is generated. The repayment usually takes place between one to three weeks after the payroll funding occurs.

"Many staffing agencies are able to sustain payroll with just an invoice factoring service,” Raul Esqueda, president of 1st Commercial Credit, said. “Cash flow shortage for payroll occurs when they use up funds for mobilization or their customers allow only one invoice per month. Most factoring companies will not accommodate pre-billing or pre-funding since it is not an eligible asset. We utilize our own funds for the payroll funding program and therefore [it] allows us to fund with fast approvals and same day funding."