Information for the city of Orlando
Orlando is a major city in the U.S. state of Florida. Located in Central Florida, it is the county seat of Orange County and the center of the Greater Orlando metropolitan area. The Greater Orlando metropolitan area has a population of 2,134,411, making it the 26th largest metro area in the United States, the sixth largest metro area in the Southeastern United States, and the third largest metro area in the state of Florida. According to the 2010 census, Orlando has a city proper population of 238,300 making it the 77th largest city in the United States, this is mostly attributed to the fact that the majority of area residents live in surrounding suburbs outside of city limits. Orlando is the fifth largest city in Florida, and the state's largest inland city.Orlando is nicknamed ""The City Beautiful"" and its symbol is the fountain at Lake Eola. Orlando is also known as ""The Theme Park Capital of the World"" and its tourist attractions draw more than 51 million tourists a year, including 3.6 million international guests.
The Orlando International Airport (MCO) is the thirteenth busiest airport in the United States and the 29th busiest in the world. Buddy Dyer is Orlando's mayor.As the most visited American city in 2009, Orlando's famous attractions form the backbone of its tourism industry: Walt Disney World Resort, located approximately 21 miles (34 km) southwest of Downtown Orlando in Lake Buena Vista, opened by the Company in 1971; the Orlando Resort, which consists of the two parks of Studios Florida and Islands of Adventure; City Walk; ; Gatorland; and Wet 'n Wild Water Park. With the exception of World, most major attractions are located along International Drive. The city is also one of the busiest American cities for conferences and conventions.Like other major cities in the Sun Belt, Orlando grew rapidly during the 1980s and into the first decade of the 21st century. Orlando is home to the University of Central Florida, which is the second largest university campus in the United States in terms of enrollment as of 2012.
In 2010, Orlando was listed as a ""Gamma "" level of world city in the World Cities Study Group�s inventory. Orlando ranks as the fourth most popular American city based on where people want to live according to a 2009 Pew Research Center studyOrlando is a major industrial and hi tech center. The metro area has a $13.4 billion technology industry employing 53,000 people ; and is a nationally recognized cluster of innovation in digital media, agricultural technology, aviation, aerospace, and software design. More than 150 international companies, representing approximately 20 countries, have facilities in Metro Orlando.Orlando has the 7th largest research park in the country, Central Florida Research Park, with over 1,025 acres (4.15 km2). It is home to over 120 companies, employs more than 8,500 people, and is the hub of the nation�s military simulation and training programs. Near the end of each year, the Orange County Convention Center hosts the world's largest modeling and simulation conference: Interservice/Industry Training, Simulation and Education Conference (I/ITSEC). Metro Orlando is home to the simulation procurement commands for the U.S. Army, Navy, Air Force, Marines and Coast Guard.Lockheed Martin has a large manufacturing facility for missile systems, aeronautical craft and related high tech research. Other notable engineering firms have offices or labs in Metro Orlando: and Simulation (AFAMS), U.S. Army Program Executive Office for Simulation, Training, and Instrumentation (PEO STRI), United States Army Research, Development and Engineering Command United States Army Simulation and Training Technology Center (STTC), . The Naval Training Center until a few years ago was one of the two places where nuclear engineers were trained for the US Navy.
Now the land has been converted into the Baldwin Park development. Numerous office complexes for large corporations have popped up along the Interstate 4 corridor north of Orlando, especially in Maitland, Lake Mary and Heathrow.Orlando is close enough to Patrick Air Force Base, Cape Canaveral Air Force Station, and Kennedy Space Center for residents to commute to work from the city's suburbs. It also allows easy access to Port Canaveral, a cruise ship terminal.Orlando is the home base of Restaurants, the parent company of Garden and the largest operator of restaurants in the world by revenue. In September 2009 it moved to a new headquarters and central distribution facility.Film, television, and entertainmentAnother important sector is the film, television, and electronic gaming industries, aided by the presence of Studios, Studios, University, UCF College of Arts and Humanities, the Florida Interactive Entertainment Academy, and other entertainment companies and schools. The U.S. modeling, simulation, and training (MS&T) industry is centered on the Orlando region as well, with a particularly strong presence in the Central Florida Research Park adjacent to University of Central Florida (UCF). Nearby Maitland is the home of Tiburon, a division of the video game company Arts. Entertainment was acquired by E in 1998 after years of partnership, particularly in the series and Football series of video games. Nearby Full Sail University, located in Winter Park, draws new media students in the areas of video game design, film, show production, and computer animation, among others, its graduates spawning several start in these fields in the Orlando area. The headquarters ofEntertainment Inc. are also located in Orlando.HealthcareOrlando has two non profit hospital systems: Orlando Health and Florida Hospital. Orlando Health's Orlando Regional Medical Center is home to Central Florida's only Level I trauma center, and Winnie Palmer Hospital for Women and Babies and Florida Hospital Orlando have the area's only Level III neonatal intensive care units. Orlando's medical leadership will be further advanced with the completion of University of Central Florida's College of Medicine, a new VA Hospital and the new Nemours Children�s Hospital, which will be located in a new medical district in the Lake Nona area of the citySee also: List of amusement parks in Greater Orlando and List of Orlando, Florida attractionsHotelThe Orlando area is one of the leading tourism destinations in the world.
The Orlando area is home to Walt Disney World Resort, Orlando Resort, and Orlando. Over 59 million visitors came to the Orlando region in 2013, spending over $33 billion.The convention industry is also critical to the region's economy. The Orange County Convention Center, expanded in 2004 to over two million square feet (200,000 m�) of exhibition space, is now the second largest convention complex in terms of space in the United States, trailing only McCormick Place in Chicago. The city vies with Chicago and Las Vegas for hosting the most convention attendees in the United States.The Orlando area features 7 of the 10 most visited theme parks in North America (5 of the top 10 in the world), as well as the 4 most visited water parks in the U.S. The World resort is the area's largest attraction with its many facets such as the Beach. Orlando is a large park that features numerous zoological displays and marine animals alongside an amusement park with roller coasters and water park. Orlando, like WAdventure. The water park is another famous attraction. Orlando also comprises more than one park, alongside Cove. Orlando attractions also appeal to many locals who want to enjoy themselves close to home
Information for the state of Florida
"In the twentieth century, tourism, industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel have contributed to the state's economic development. The Gross Domestic Product (GDP) of Florida in 2010 was $748 billion. Its GDP is the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods.The major contributors to the state's gross output in 2007 were general services, financial services, trade, transportation and public utilities, manufacturing and construction respectively.
In 2010 and 2011, the state budget was $70.5 billion, having reached a high of $73.8 billion in 2006and 2007. Chief Executive Magazine name Florida the third ""Best State for Business"" in 2011. Agriculture is the second largest industry in the state. Citrus fruit, especially oranges, are a major part of the economy, and Florida produces the majority of citrus fruit grown in the United States. In 2006, 67% of all citrus, 74% of oranges, 58% of tangerines, and 54% of grapefruit were grown in Florida. About 95% of commercial orange production in the state is destined for processing (mostly as orange juice, the official state beverage). Citrus canker continues to be an issue of concern. From 1997 to 2013, the growing of citrus trees has declined 25%, from 600,000 acres (240,000 ha) to 450,000 acres (180,000 ha). Tourism makes up the largest sector of the state economy. Warm weather and hundreds of miles of beaches attract about 60 million visitors to the state every year. Florida was the top destination state in 2011. 42% of poll respondents living in the Northeast United States said they planned on visiting Florida over spring break.
Amusement parks, especially in the Orlando area, make up a significant portion of tourism. The Walt Disney World Resort is the largest vacation resort in the world, consisting of four theme parks and more than 20 hotels in Lake Buena Vista, Florida; it, and Universal Orlando Resort, Busch Gardens, SeaWorld, and other major parks drive state tourism. Many beach towns are also popular tourist destinations, particularly in the winter months. 23.2 million tourists visited Florida beaches in 2000, spending $21.9 billion"
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Orlando Factoring Companies
The main benefit of factoring is that a business is not required to wait one or two months (sometimes more) for payment by a customer, the business will receive cash in hand to operate and grow their business. -Orlando Factoring Companies
WHAT MAKES A FACTORING COMPANY GREAT
Orlando Factoring Companies Articles
The benefits of using a Factoring company versus a bank loan
If you are looking for a convenient way to obtain business capital, factoring is one of the best options available out there. From a recent study, it has been identified that many people go for bank financing in such instances, considering that it is the least expensive method of investing. However, factoring is associated with many other advantages and we will let you know about them through this article.
A proper cash flow is something that every business in the present world should have. In addition, they need to speed up their cash flows along with time. Otherwise, it will not be possible for them to get banks for financing. Unfortunately, banks are not in a position to accommodate all the financial requirements of a company, due to tough credit standards. That is where factoring comes into play. It happens when a company sells its accounts receivable to a bank or a factoring company. The amount that can be taken depends on value of the invoice.
Key benefits associated with factoring
• A company can get large amounts of capital through factoring. It is because this method is entirely based upon accounts receivable. It has impressed many small scale businesses out there since they can obtain a bigger line from their accounts receivable for services or goods. They will not be able to get such a big amount of capital from any conventional bank lender out there. Factoring is something that is based on the credit strength of your potential customers. If your company has more potential customers with healthy credit strengths, you can easily enjoy the benefits of factoring.
• Factoring is quicker than traditional bank loans. Since most of the accounts receivable factoring lines are in a position to be set up, approved and actively funded within a matter of few weeks, you can go through a hassle free process. However, banks will take more time to engage with their credit reviewing activities about your company. They might even wait for audit results or fiscal period closes. Therefore, if you are in need of quick business capital, factoring is the number one option available out there to consider.
• Factoring is something that expands quickly along with the growth of your company. Almost all the factoring companies out there support it. Your company doesn’t need to have an excellent track recording of business. You just need to select a factoring company that is big enough to accommodate all your business development ambitions.
• A factoring company does not offer loans to their clients. Therefore, you cannot find many similarities between a loan and factoring. A factoring company will purchase your accounts receivables along with cash. Therefore, it can be considered as a similar process to increasing the working capital, while showing it as a liability in the account balance sheets. This will even reduce debt in the balance sheet, when compared to borrowing. At the end of the day, your company will get the opportunity to enjoy a lower debt to equity ratio.
• Factoring is less expensive than equity. Most of the businesses approach equity investors to cater their financing requirements. However, there isn’t any substitute for equity capital in some expansion purposes and business investments. Almost all the equity investors expect a higher return from the accounts receivable than the cost. When it comes to factoring arrangements, you won’t be able to find any dilutive effect on shareholders. This will assist you a lot to stay away from hassle.
• Factoring is also recognized as one of the best options available to improve your turn. In the present world, many factoring companies will verify invoices with your customers and check whether they are being paid on time. This will motivate your customers to pay the invoices on time through a gentle reminder. This will result in a better service delivery from your end as well.
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Orlando Factoring Companies Articles
Healthcare Staffing Factoring
The healthcare field is arguably one of the most rapidly growing industries in the United States. With the baby boomers, the largest section of our population, reaching retirement age the need for expanding healthcare services has never been more pronounced.
At the center of this growth are healthcare staffing agencies that hire for hospitals, clinics, doctor’s offices and a wide range of medical facilities. However, while business is booming the ability for these staffing agencies to expand is inhibited by the customer invoice system. Fortunately, there are healthcare staffing factoring companies around to help them in their time of need.
We asked the owner of a local healthcare staffing agency, Joy Reed, to talk to us about how factoring companies helped expand her business and provide a much needed boost at a critical time for her company.
“Hello Joy and welcome. I was hoping you would tell us a little about how healthcare staffing factoring companies helped your business, but I suppose we should begin by how you got started in this business?”
Joy Reed (JR), “Thanks for having me. I actually have been a part of several start-up businesses in my recent career and was looking for a field that would show a lot of promise. It was pretty clear to me that medical staffing was a big need in the healthcare field so I set about to start my own business. I had experience in starting up businesses before, so I drew up a business plan, took out a loan, rented the offices and hired a staff to get started.”
“So, you did what most people do in starting up a business. How did it do?”JR: “I actually got off to a pretty good start. I had made a few contacts and managed to get some business right away. This was really helpful because as you might know our clients use invoices for payments and it can take up to 90 days before we actually get the cash in hand. Around four months in we were facing a real crossroads as new opportunities opened up for our business, but we didn’t have the cash on hand to take advantage.”
“I’m a little confused. You say you were doing well, but you didn’t have the ability to expand your business?”
JR: “That’s right. The problem was back to the invoices that were making up wait up to 3 months before we had the cash. I really wanted to expand my staffing business to handle the new opportunities I was being presented, but I couldn’t because I was still waiting on the invoices to finally turn to cash. So I was asking my accountant about what could be done when the suggestion of a healthcare staffing factoring company was introduced.”
“Tell us a bit more about factoring companies.”
JR: “Basically, factoring companies purchase the invoices right on the spot so you can have cash on hand immediately instead of waiting up to three months. For healthcare staffing factoring companies, they will then collect the money from the business when the invoice is read to be fully paid. It really worked out for me because I was able to get cash quickly to add new personnel and even expand my offices to include another section of the building I was renting in.”
“I understand that factoring companies are there for many different kinds of businesses, including medical staffing. Was it difficult to get set up with a factoring company?”
JR: Actually, it was pretty easy once we found a company that met our needs. I just filled out a short form and they looked over a few of the invoices I had to see what companies that I worked with. It really didn’t take long at all before they agreed to cash some of the invoices and I got the money I needed to expand.”
“Could you tell me a little more about the advantages of using a factoring company like this?”
JR: “Sure, I was not only able to hire a couple of new people and rent additional space, I’ve been able to cash my invoices when unexpected bills come up or if I need to make a purchase quickly for a new piece of equipment. This has come in really handy recently when I decided to move to a new location and needed some cash on hand to make the transition. The factoring services are really quite good with reasonable rates and fast service.”
“What’s the differences in using factoring companies over getting a new loan?”
JR: “It is frankly much better than getting a loan because with factoring there is nothing to pay back. We are basically getting our own money from the invoices we’ve earned up front and paying only a small fee. With a loan, I would not only have to pay it back but with interest as well. Factoring for us has really been a godsend when it comes to making decisions about how to expand my business. I’m no longer tied down to waiting 2 to 3 months to get paid when I can take what my business has earned and get cash immediately.”
“I take it that you are happy with how healthcare staffing factoring has worked out for you?”
JR: “You would be correct. I cannot imagine how my business would have expanded at that critical time without factoring companies to buy my invoices. This is a great service that has helped me in my time of need and now my medical staffing business is bigger than ever. I’d recommend factoring companies to anyone running a business that relies on invoices if they need to get cash quickly.”
There is little doubt that Joy Reed has been quite happy about the services she received working with a factoring company. Perhaps factoring is right for you and your needs, be sure to search for the type of factoring business that works in your field so that you can get the right services in helping your company to succeed.
Orlando Factoring Companies Articles
A ‘Factor’ is a third party commercial financial company who purchases the Accounts Receivable from businesses: this transaction is known as ‘Factoring’. Factoring exists so that businesses can receive a quick injection of cash, as opposed to waiting the 60 or 90 days for customers to pay their invoices. Factoring is also known as Accounts Receivable Financing, and Invoice Factoring.
The majority of factoring companies purchase invoices and advance money to the business within 24 hours; however, the nature and terms of factoring can (and do) differ among financial service providers and industries. Depending on your customers’ credit histories, your industry, and other specific criteria, the advance rate on your invoices can range from 80% to as high as 95%. The factoring company not only collects on your invoices; it also offers back office support to your business.Once the factoring company has collected on your customer’s invoice,you’ll be paid the balance of the invoice – less the factor’s fee for assuming the risk. The primary benefit of factoring is that businesses no longer need to wait anywhere between one and three months for a customer to pay their accounts: they now have access to cash in hand so they can operate and grow their business.The Advantages of Factoring
There are a few reasons why factoring has become an invaluable financial tool for many businesses, including start ups. As mentioned above, the main benefit is that businesses can now receive a quick boost to their cash flow because factoring companies, in general, will provide cash on accounts receivable within 24 hours. This resolves the problems businesses experience with short term cash flow, and in many ways this injection of cash can help to grow a business. Besides handling your customer collections, factoring companies can also evaluate your customers’ payment and credit histories.Other benefits of factoring include:
• It can be customized to a business’s needs and managed to ensure that capital is available when it’s needed;
• It’s not based on your own business or credit history: it’s based on the quality of your customers’ credit;
• It’s not based on your company’s net worth: it provides a line of credit based on sales;
• There’s no limit to the amount of financing, unlike conventional bank loans;
• This financing will not show up as a debt on your balance sheet, because it’s not a loan.Who Uses Factoring?
Companies of all different sizes, including start ups, use factoring; and today factoring has become common business practice across many industries. Factoring is now widely used in the transportation industry, including manufacturing, textiles, trucking, oilfield services, wholesale and distribution, and staffing agencies. Interestingly, factoring receivables is practiced in many countries around the world and has a long history of success.
Can I Factor? My Company’s New, with No Financial History
Yes, you can! In fact, factoring has become an excellent tool for start up companies because no company credit history or balance sheet is required. It’s not really your company’s finances that the factoring company is concerned with; they’ll base their financing on your customers’ payment histories and credit scores.
What Percentage of My Invoices Should I Factor?
The answer to this question really depends on the unique needs of your business. Some companies only factor invoices for customers who typically take a long time to pay, while others factor all their invoices. The receivables that a company can factor range anywhere from a few thousand dollars to millions of dollars each and every month.
What’s the Difference between Factoring and a Bank Loan?
• The difference between factoring and a bank loan is that you’re not assuming any debt with factoring because it’s not a loan;
• With factoring, there’s no emphasis on your balance sheet – it’s all on your customer’s invoices;
• In addition, a bank loan is typically one lump sum, whereas factoring provides a steady flow of funds;
• Factoring companies can also help improve your company’s balance sheet by assisting with your credit and collection functions;
• A bank loan adds to your debt, whereas factoring converts receivables (an asset) into cash (another asset);
• And of course, bank loans can be very difficult to get because they’re limited by your balance sheet.How Do You Start the Factoring Process?
The factoring process can be very simple to set up. The customer will be asked to complete a short application form, and may be required to follow up with other reports and documents.
Recourse and Non Recourse Factoring: What’s the Difference?
• With Recourse factoring the client is ultimately responsibility for the payment of the invoice; whereas
• With Non Recourse factoring, the factoring company accepts responsibility for the risk of collecting the invoice.It’s important to note that some factoring companies over offer both types of factoring – recourse and non recourse.
What Are the Contract Terms and Fees Applicable with Factoring?
There are different fee structures with different factoring companies: some factors charge an overall factoring fee which is determined by the creditworthiness of your customers and the monthly volume of invoices; while others charge additional fees to cover shipping, money transfers, and other costs associated with doing business. Before signing with any factoring company make sure you understand the fees and terms applicable to your contract. Also note that most factoring contacts are renewed annually.
Do I Need Credit Insurance on Debtors?
Insurance is not typically required, but in specific circumstances it may be.
You Can Find More Information at http://receivableservices.org/
and at http://businessinvoice.org