Information for the city of Wichita
Wichita is the largest city in Kansas and the seat of Sedgwick County. It is located in the south central part of the state, at the couence of the Arkansas and Little Arkansas rivers. Incorporated as a city in 1870, Wichita is the chief commercial and industrial center of southern Kansas.More or less uninhabited at the time of Kansas's entry into the Union in 1861, the area was first settled by Wichita Indians, who came north from Texas and Oklahoma during the Civil War. At about the same time (during the mid 1860s) a number of trading posts were established at or near the river junction. One of the traders, Jesse Chisholm, pioneered the Chisholm Trail, which passed through Wichita and was the main cattle drive route from Texas to the railroad in Abilene. After the railroad was extended to Wichita in 1872, the city boomed first as a cow town and then later as the trading center in an agricultural and livestock region.
Although the city experienced an economic slump at the end of the 19th century, oil was discovered nearby in 1915, and subsequently the population almost doubled.Aircraft manufacturing began in the 1920s, and Wichita remains a center of the aircraft industry today. In addition, the city also has flour mills, meatpacking plants, and oil refineries. Major manufactures include camping equipment, heaters and air conditioners, and electronics. Wichita has a number of art and historical museums, a zoo, and a planetarium. It is the site of several universities, including Wichita State University (1895). McConnell Air Force Base is nearbyWichita's principal industrial sector is manufacturing, which accounted for 21.6 percent of area employment in 2003. Aircraft manufacturing has long dominated the local economy, and plays such an important role that it has the ability to iuence the economic health of the entire region; the state offers tax breaks and other incentives to aircraft manufacturers.
Healthcare is Wichita's second largest industry, employing approximately 28,000 people in the local area. Since healthcare needs remain fairly consistent regardless of the economy, this field was not subject to the same pressures that affected other industries in the early 2000s. The Kansas Spine Hospital opened in 2004, as did a critical care tower at Wesley Medical Center. In July 2010, Via Christi Health, which is the largest provider of healthcare services in Kansas, opened a hospital that will serve the northwest area of Wichita. Via Christi Hospital on St. Teresa is the system's fifth hospital to serve the Wichita community.Thanks to the early 20th Century oil boom in neighboring Butler County, Kansas, Wichita became a major oil town, with dozens of oil exploration companies and support enterprises. Most famous of these was Koch Industries, today a global natural resources conglomerate, which is still headquartered in Wichita. The city was also at one time the headquarters of the both operate headquarters facilities in Wichita. Koch Industries' primary global corporate headquarters complex is located in a large office tower complex in northeast Wichita. The following is a summary of data regarding the Wichita metropolitan area labor force, 2004 annual average:Size of nonagricultural labor force: 282,800Number of workers employed in:construction and mining: 16,100manufacturing: 58,400trade, transportation and utilities: 49,500information: 6,100financial activities: 12,200professional and business services: 26,300educational and health services: 38,400leisure and hospitality: 25,200other services: 12,100government: 38,500Average hourly earnings of production workers employed in manufacturing: $19.45 (2004)Unemployment rate: 6.3% (February 2005)Aircraft manufacturingFrom the early to late 20th century, aircraft pioneers such as Clyde , ""Matty"" Laird, Lloyd Stearman, Walter Beech, Al Mooney and Bill Lear began aircraft manufacturing enterprises that would lead to Wichita becoming the nation's leading city in numbers of aircraft produced.
(the world's highest volume airplane manufacturer) and craft remain based in Wichita having merged into Aviation in 2014, along with Learjet and Boeing's chief subassembly supplier, Systems. bus maintains a workforce in Wichita, and (parent company of Learjet) has other divisions in Wichita as well. Over 50 other aviation businesses operate in the Wichita MSA, as well dozens of suppliers and subcontractors to the local aircraft manufacturers. In total, Wichita and its companies have manufactured an estimated 250,000 aircraft since Clyde Cessna's first Wichita built aircraft in 1916.In the early 2000s, a national and international recession combined with the after effects of the 9/11/2001 terrorist attacks to depress the aviation sub sector in and around Wichita. Orders for new aircraft plummeted, prompting Wichita's five largest aircraft manufacturers, to slash a combined 15,000 jobs between 2001 and 2004. In response, these companies began developing small and mid sized airplanes to appeal to business and corporate users. In 2007, Wichita built 977 aircraft, ranging from single engine light aircraft to the world's fastest civilian jet; one fifth of the civilian aircraft produced in United States that year, plus numerous small military aircraft. In early 2012, Boeing announced it would be closing its Wichita plant by the end of 2013.
Information for the state of Kansas
The Bureau of Economic Analysis estimates that the total GDP in 2008 was $122.7�billion, making it the United States's 32nd highest state by GDP. The agricultural outputs of the state are cattle, sheep, wheat, sorghum, soybeans, cotton, hogs, corn, and salt. Eastern Kansas is part of the Grain Belt, an area of major grain production in the central United States. The industrial outputs are transportation equipment, commercial and private aircraft, food processing, publishing, chemical products, machinery, apparel, petroleum and mining.
Kansas ranks 8th in U.S. oil production. Production has experienced a steady, natural decline as it becomes increasingly difficult to extract oil over time. Kansas ranks 8th in U.S. natural gas production. Production has steadily declined since the mid-1990s with the gradual depletion of the Hugoton Natural Gas Field the state's largest field which extends into Oklahoma and Texas. The Kansas economy is also heavily influenced by the aerospace industry. Several large aircraft corporations have manufacturing facilities in Wichita and Kansas City, including Spirit AeroSystems, Boeing, Cessna, Learjet, and Hawker Beechcraft (formerly Raytheon).
We just collected the money that we were owed a lot more quickly.
Kansas Factoring Companies
Factoring is also known as Accounts Receivable Financing because factoring occurs when a business needs to access cash quickly, quicker than if it had to wait the 30 to 60 days (or longer) to receive payment from a customer. -Kansas Factoring Companies
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The Difference between Accounts Receivable Financing and Factoring
Today, it’s not as easy for businesses to access finance as it was in past years, and more companies are being forced to look for alternative, non banking financing options in order to access the capital they require to help their business grow.
Two of the more popular tools available to cash strapped business owners are Accounts Receivable Financing (A/R Financing) and factoring. Some business owners believe these two are the same, but there are, in fact, some small yet significant differences.
What Is Factoring?
Factoring is when a commercial finance company, also known as a factor or factoring company, purchases a business’s outstanding accounts receivable. At that time, the factor will typically advance the business somewhere between 70% and 90% of the invoice’s value. Then, once the invoice is collected from the customer, the remaining balance – minus a factoring fee – is released to the business. The factoring fee could range from between 1.5% and 5.5%. It’s calculated on the total face value of the invoice and depends on how many days the funds are in use and other aspects, like the collection risk.
When a business has a factoring contract they can usually choose which invoices they want to sell to the factor: it’s not generally an all or nothing process. Once the factor has purchased an invoice they become responsible for managing the receivable until the account has been paid. Essentially, the factor becomes the business’s accounts receivable department and credit manager, analyzing credit reports, performing credit checks, mailing invoices, and documenting payments.
What Is Accounts Receivable Financing?
Accounts Receivable Financing is more similar to a traditional bank loan, however there are some key differences. Bank loans are secured with collateral; which might be real estate, the business owner’s personal assets, or plant and equipment; whereas Accounts Receivable Financing is backed by the business’s assets related to the Accounts Receivable. When a business has an Accounts Receivable financing agreement, a borrowing base is established at each draw against which the business is able to borrow money: this would typically be between 70% and 90% of the qualified receivables.
Between 1% and 2% is typically charged as a collateral management fee against the outstanding amount, and interest is only calculated as and when the money is advanced. An invoice must be less than 90 days old in order to count towards the borrowing base, and the finance company must deem the business credit worthy. There may also be other conditions to fulfil.
So, you can see that there are many similarities between Accounts Receivable financing and factoring; however, one is the sale of an asset (receivables or invoices) to a third party, while the other is actually a loan. In many ways, though, they do act similarly. Below we’ve listed the main features of each so you can determine which would be the best fit for your company.
Accounts Receivable Financing
• Generally, Accounts Receivable Financing is not as expensive as factoring;
• It can be easier to move from this type of financing to a traditional bank line of credit once a business becomes bankable again;
• Typically, a minimum of $75,000 per month is required in sales to qualify, so this type of financing may not be available to small companies;
• Due to the fact that the business will be required to submit all of its Accounts Receivable to the finance company, this type of financing can be less flexible than factoring.
• It’s quite easy to qualify for factoring, and factoring is the ideal solution for start ups and financially challenged companies;
• Because businesses can decide which invoices they want to sell to the factor, factoring offers more flexibility than Accounts Receivable Financing;
• The company is able to track total costs on an invoice by invoice basis because factoring has a simple and straightforward fee structure.
Today we see both Accounts Receivable Financing and factoring as traditional sources of financing; effective when traditional bank financing is not an option. Factoring can carry a business through a period when an immediate cash input is required.
Somewhere between 12 and 24 months most companies are generally able to repair their financial situation and once again become bankable. However, some companies in certain industries continue factoring their invoices indefinitely.An example of this is the trucking industry, which relies heavily on factoring for cash flow injections.
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