Information for the city of Milwaukee
Milwaukee is the home to the international headquarters of 6 Fortune 500 companies: . The Milwaukee metropolitan area ranks fifth in the United States in terms of the number of Fortune 500 company headquarters as a share of the population. Milwaukee also has a large number of financial service firms, particularly those specializing in mutual funds and transaction processing systems, and a number of publishing and printing companies.Service and managerial jobs are the fastest growing seents of the Milwaukee economy, and health care alone makes up 27% the jobs in the city.In 2009, five Milwaukee area companies were selected as leaders in their industries as magazine recognized The World's Most Admired Companies. Two Milwaukee companies ranked second in their field: Glendale, placed fourth among motor vehicle parts firms.
Ranked fifth were , among general merchandisers.Milwaukee became synonymous with Germans and beer beginning in the 1850s. The Germans had long enjoyed beer and set up breweries when they arrived in Milwaukee. By 1856, there were more than two dozen breweries in Milwaukee, most of them German owned and operated. Besides making beer for the rest of the nation, Milwaukeeans enjoyed consuming the various beers produced in the city's breweries. As early as 1843, pioneer historian James Buck recorded 138 taverns in Milwaukee, an average of one per forty residents. Today, Beer halls and taverns are abundant in the city, although only one of the major breweries remains in Milwaukee.Milwaukee's founding fathers had a vision for the city. They knew it was perfectly situated as a port city, a center for collecting and distributing produce. Many of the new immigrants who were pouring into the new state of Wisconsin during the middle of the 19th century were wheat farmers.
By 1860, Wisconsin was the second ranked wheat growing state in the country and Milwaukee shipped more wheat than any place in the world. Railroads were needed to transport all this grain from the wheat fields of Wisconsin to Milwaukee's harbor. Improvements in railways at the time made this possible. Entrance to in Milwaukee TheBrewery Complex, closed in 1997There was intense competition for markets with Chicago, and to a lesser degree, with Racine and Kenosha. Eventually Chicago won out. Due to its superior financial and transposition status, as well as being a hub on major railroad lines throughout the United States, Chicago had a distinct advantage over Milwaukee. Milwaukee did solidify its place as the commercial capital of Wisconsin and an important market in the Midwest.Milwaukee was once the home to four of the world's largest beer breweries (Schlitz, Blatz, Pabst, and Miller), and was the number one beer producing city in the world for many years.
Despite the decline in its position as the world's leading beer producer after the loss of two of those breweries, it's one remaining major brewery, Brewing Company remains a key employer by employing over 2,200 of the city's workers. Because ofsolid position as the second largest beer maker in the U.S., the city remains known as a beer town despite there being only one large brewery.The historic Brewery, located in "" Valley"" at 4000 West State Street, is the oldest still functioning major brewery in the United States. In July 2008, it was announced that beer would be added to the list of beers brewed in Valley. This created additional brewery jobs in Milwaukee, however, the company's world headquarters moved from Milwaukee to Chicago.Besides and the heavily automated brewery in the old Blatz 10th Street plant, the only other currently operating stand alone breweries in Milwaukee are , a microbrewery in Walker's Point neighborhood, and Lakefront Brewery, a microbrewery located in Brewers Hill. The suburb of Glendale is home to Brewery, another locally popular microbrew. Various brewpubs can be found throughout the Milwaukee area, including Ale House and Street Brewery.Three beer brewers with Wisconsin operations made the 2009 list of the 50 largest beermakers in the United States, based on beer sales volume.
Making the latest big breweries list from Wisconsin is is a joint venture formed in 2008 by Milwaukee based Brewing Co. and, Colorado based s Brewing Company. backdrop for the storyline. Rail tracks along the industrial Menomonee Valley, ancestral home of the Menominee IndiansBecause of its easy access to Lake Michigan and other waterways, Milwaukee's Menomonee Valley has historically been home to manufacturing, stockyards, rendering plants, shipping, and other heavy industry.Reshaping of the valley began with the railroads built by city co founder Byron Kilbourn to bring product from Wisconsin's farm interior to the port. By 1862 Milwaukee was the largest shipper of wheat on the planet, and related industry developed. Grain elevators were built and, due to Milwaukee's dominant German immigrant population, breweries sprang up around the processing of barley and hops. A number of tanneries were constructed, of which the tannery grew to become the largest in America.In 1843 George Burnham and his brother Jonathan opened a brickyard near 16th Street. When a durable and distinct cream colored brick came out of the clay beds, other brickyards sprang up to take advantage of this resource.
Because many of the city's buildings were built using this material it earned the nickname ""Cream City"", and consequently the brick was called Cream City brick. By 1881 the Burnham brickyard, which employed 200 men and peaked at 15 million bricks a year, was the largest in the world.Flour mills, packing plants, breweries, railways and tanneries further industrialized the valley. With the marshlands drained and the Kinnickinnic and Milwaukee Rivers dredged, attention turned to the valley.Along with the processing industries, bulk commodity storage and machining and manufacturing entered the scene. The valley was home to the Milwaukee was home to several pioneer brass era automobile makers, including Ogren (from 1919 to 1922).In 2007, three Milwaukee area companies were among nine firms honored for manufacturing excellence in the Wisconsin Manufacturer of the Year competition. , a major supplier of government and commercial avionics, was honored for its high technology research and development program. Brady, a publicly owned manufacturer of signs, labels and other identification and security products, received an award for corporate excellence. Privately owned Works, which provides metal finishing services, received an award for employee and environmental stewardship.
Nominated companies were evaluated in areas such as financial growth or consistency, technological advances, product development, environmental solutions, operational excellence/continuous improvement, commitment to employees, and effective research and development.In 2009, a group of elected officials and business leaders is trying to entice , a Massachusetts based battery maker, to open a factory in Milwaukee. Milwaukee Alderman has introduced a resolution to have the city of Milwaukee appropriate from $1 million to $20 million for a factory for, the Westborough, Mass. based manufacturer of lithium ion batteries for laptop computers, personal digital assistants, mobile telephones and other portable devices. Stimulus package funds are included in the $787 billion stimulus package signed by Presidentfor lithium ion battery development, he said. interest in locating a plant in Milwaukee stems in part from the area's manufacturing heritage and that it's home to ., the manufacturer has been developing lithium ion batteries for hybrid electric vehicles, plug in hybrid electric vehicles and electric vehicles
Information for the state of Wisconsin
The rough isolation of Wisconsin's North Woods region is cut by part of the Gogebic range, from which much iron ore was extracted before 1965. Iron mining was resumed briefly in 1969 but has since stopped altogether. Sand and gravel, stone, and lime are other valuable mineral resources; zinc (as well as lead) is mined in the Driftless Area in the southwest. Important copper deposits were discovered in the north in the 1970s. The state's greatest natural resource since its earliest days has been lumber. Dense forests (white pines in the north, hardwoods elsewhere) once covered all except the southern prairie. While reckless exploitation in the late 19th cent. drastically reduced the magnificent stands, extensive conservation and reforestation measures have saved the valuable lumber industry, and today c.40% of Wisconsin's land area is forested.
The pulp, paper, and paper-products industrial complex in Green Bay and Appleton is one of the largest in the nation. The state's accent, however, is chiefly pastoral. One of the nation's largest dairy herds grazes here, and Wisconsin is the leading state in the production of cheese as well as the second largest milk producer (after California). After dairy products and cattle, the state's most valuable farm commodities are corn and soybeans. Other important crops are hay, oats, potatoes, alfalfa, and a great variety of fruits and vegetables. Food processing, predictably, is one of the state's foremost industries, along with the manufacture of machinery, which is centered in Milwaukee, Madison, and Racine. Other important manufactures are vehicles and transportation equipment, metal products, medical instruments and equipment, farm implements, and lumber.
Almost all Wisconsin's major industries are to be found within metropolitan Milwaukee, where the traditional brewing and meatpacking are rivaled by the manufacture of heavy machinery and diesel and gasoline engines. Wisconsin has numerous ports on the Great Lakes capable of accommodating oceangoing vessels. The superb harbor at Superior (shared with Duluth, Minn.) has sizable shipyards and coal and ore docks that are among the nation's largest. Tourism and outdoor recreation are burgeoning, and several Native American groups operate gambling casinos in the state; through casino enterprises the Winnebago tribe has become one of the state's larger employers.
With a factoring service like us you don't need to wait for cash.
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The idea with factoring is that, as your company grows, the funding of your customer invoices will grow with you. -Wisconsin Factoring Companies
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Financing Temporary Staffing Agencies
In recent years temporary staffing agencies have become very profitable, because the current business environment prefers to outsource employees rather than hire them. This situation creates a very attractive and viable opportunity for temp staffing agencies. But, similar to other businesses, in order to operate a successful temp staffing agency, working capital is an absolute necessity. This requirement of working capital has become a problem for most agencies who often suffer from a cash flow crisis. Having adequate cash flow prevents the company from being run effectively, thus stopping the company from adding new clients. The result is that the business fails to grow. Fortunately, there is a solution to this problem, and the solution is the right type of financing.
Payroll and Bills Must Be Paid on Time!
The most important and probably the biggest expense of any temp staffing agency is employee payroll. Obviously, employees expect to be paid regularly and on time, and if this is not the case, they'll quickly move on and find work elsewhere. In addition, the agency needs funds to pay for other employee-related expenses, such as employment taxes. When a business fails to comply with tax regulations the costs involved can be extensive and can the even put the business itself in jeopardy.
Business Growth Is Impossible without Funds
Generally, Government and commercial clients pay their invoices somewhere between 30 and 60 days, and it's this timeframe that creates problems for temp staffing agencies. When an agency takes on a new client, before they start getting paid, the agency must be able to pay the employee's salary for up to two months.
This means that the only way to grow a temp staffing agency is to have a cash reserve to pay for running expenses. If you don't have a reserve of funds, then you can't take on new contracts; and if you work with larger contracts you need a larger reserve. And this is where it becomes a vicious cycle, because if you can't take on new contracts then business growth is impossible.
Payroll Funding: Helping Your Business Grow
Fortunately, there is a solution available for temp staffing agencies to resolve this very common financial problem, and it's known as Payroll Funding, or Payroll Financing. Payroll Funding is a solution that's been designed to help staffing agencies access much-needed working capital.
Payroll financing is actually a type of Invoice Factoring, allowing you to finance your slow-paying receivables. This type of funding provides your temp staffing agency with immediate funds. Now there'll be no more waiting for your Government and commercial clients to pay in 60 days - the payroll funding company will pay you within a day or two! Now you'll have the working capital your agency so desperately needs to meet payroll and other expenses; and now you can move forward and grow your business without constantly worrying about slow paying clients!
How Does Factoring Work?
Factoring is a very straightforward process. Basically, invoices are financed in two separate payments, with the first payment covering approximately 90% of the gross invoice value, and the second payment, which is the remaining 10% less factoring fees, is remitted to you once your client has paid. The first payment is paid into the temp staffing agency's bank account very soon after the invoice has been submitted for financing. In the meantime, your clients are not required to pay any sooner - they simply pay on their regular schedule.
Payroll Funding Is Available to Small Agencies
One huge advantage of factoring is that it's available to small agencies (even start-ups!) that don't have many assets. Because it's the invoices which are the assets the factoring company is financing, it's the credit quality of your customers that the factoring company is most interested in. Factors can only finance invoices if your customer (the payer) has good commercial credit, and that's why factoring has become a very viable and attractive option for both small and growing agencies whose greatest asset is their good clients.
Growing Your Agency with Factoring
Let's take a closer look at how your temp staffing agency can use invoice factoring to grow your company. We'll assume for the purpose of this article that you have a new client who requires six full-time employees for a few months. This new client is a large corporation and has a good reputation. The problem with this corporation, however, is that they pay their invoices in 50 days, and there's no way you can afford to carry the cost of the contract.
What's the solution? The solution is actually quite simple: you invoice the client weekly and factor the invoice! This funding strategy allows you to service the contract by providing your agency with weekly funds to pay employees. Providing you have clients with good credit and your agency provides good services, receivables factoring can be used very effectively to grow your business.
When factoring is used properly, it can help grow your temp staffing agency well beyond its current financial capabilities.
With a factoring service like us you don't need to wait for cash.
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Questions You Need to Ask Your Factoring Company
In today’s marketplace we’re seeing more and more factoring companies, and factoring fees, rates and agreement terms have become very competitive. This means that, as a potential factoring customer, this competitiveness should work to your advantage. However, there are some issues you must consider when choosing a factoring company to suit your specific requirements.
Before entering into any factoring agreement, here are some important questions you should ask –
What Are Your Terms?
As a factoring customer, you’ll be looking for as much flexibility in your factoring agreement as possible. It may be that you choose a long term contract with your factoring company if it includes flexible rates or a price break. In today’s competitive market, many factoring companies are agreeing to adjust their rates based on competitive offers from other factors or increased factoring volume.
The majority of factoring agreements are a one year contract, which appears to be industry standard, and this contract will renew automatically unless you provide the factoring company either 60 or 90 days notice.
What’s Your Fee Structure?
The fee structure may vary depending on both the factoring company involved and your industry. Some factoring companies charge a flat fee, which is calculated as a percentage of the total value of the invoice. On the other hand, other factoring companies charge additional fees to cover costs associated with doing business, such as money transfers, software, and so on. Ensure that the factoring company you’re considering working with is completely upfront and transparent with you about its terms and fees.
Are You Able to Offer Both Recourse and Non Recourse Factoring?
Recourse factoring is less expensive than non recourse factoring. With recourse factoring, you (being the client) are ultimately responsible if the factoring company is unable to collect on your customers’ invoices. However, you’re not necessarily required to pay the debt out of pocket if you have a recourse agreement and the customer defaults on payment. It may be that the factoring company will withhold a portion of future cash payments or payments held in reserve, with the money being placed in an escrow account until such time as the debt has been paid.
Non recourse factoring:
When you have a non recourse factoring agreement, the credit risk for the collection of customers’ invoices lies with the factoring company.Therefore, we believe it’s to your advantage to use a factoring company that offers both recourse and non recourse factoring, simply because you may find that some of your customers are more suitable for recourse factoring than others. In addition, you need a factoring company with a strong credit team because they can work with you to ensure you’re dealing with good customers: to a certain degree this will relieve some of the pressure of being responsible for bad debt.
How Long Has the Factoring Company Been in Business?
With the marketplace becoming increasingly competitive, today we’re seeing the creation of more and more factoring companies. However, many of these companies are recent start ups, with limited industry experience. Make sure you research the factoring company’s history prior to entering into any factoring agreement: also research its background into providing financial services in your specific industry.
Do You Have the Capital to Grow with Me?
The fact that there’s no limit to the level of financing is the major advantage factoring has over traditional bank lending. As your company continues to grow, so too should the funding of invoices grow with you. Do your research and learn as much as possible about your potential factoring company’s client base and their capital structure.
Does this factoring company have a limit to the number of debtors it takes on? What’s a typical account size? What’s the factoring volume of their largest client? You’ll probably find that factoring companies who have been serving your industry for many years will have greater capacity to finance your company as it continues to grow.
Is There Anything Else You Can Do for Me?
Obviously, factoring is more expensive than a conventional bank loan, and this is partly due to the back office services that your factoring company is able to provide. Besides collections and financing, many factoring companies will evaluate companies in your industry and provide credit information. Therefore, when looking for a factoring company for your business, make sure the one you choose offers additional services and products that can assist you in making good business decisions.
How Do We Start Factoring?
Fortunately, factoring companies are not unduly concerned about your balance sheet before they decide to work with you, unlike banks. However, they do have a process to follow when selecting new clients, so be sure you understand what the factoring company is looking for when it’s considering you as a client. Are they looking at your credit ratings and/or your customers’ payment histories?
Are they looking at your personal credit score?
In many cases a company will start factoring because it’s looking for a quick injection of cash, so you need to know how many days the factoring company will take to review and process your application.
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The Basics of Trucking Factoring
Whether you’re the owner of a 50-truck fleet or an independent owner/operator, we all know that controlling your cash flow is vitally important to growing your business. Perhaps like many business owners you’ve become pretty clever at making creative use of your credit cards, because it’s certainly preferable to going to your banker and begging for a business Line of Credit! Fortunately, there is another viable option for owner-operator businesses and small trucking fleets. The answer to the age-old cash flow problem is Freight Bill Factoring!
If Freight Bill Factoring is an unfamiliar term to you, then here’s a brief explanation:
Freight Bill Factoring is the simple process of assigning your unpaid freight invoices to a third-party company (factoring company) for an amount that’s less than you would receive if you were to bill your customer direct. The bonus of Freight Bill Factoring is that it enables you to get paid almost immediately upon completion of a run, thus giving you access to much-needed cash required for the day-to-day running of your business operations.
Here’s a step-by-step explanation of how Freight Bill Factoring, or Trucking Factoring, works :
Once you’ve booked a load, you immediately email or fax details about the load, your customer, and your rate confirmation to the factoring company;
The factoring company will quickly respond by advising if that particular customer has been approved for load factoring;
You pull the load;
When the load has been delivered, you email or fax your load-related documents, including the Bills of Lading, to the factoring company;
Within 24 hours the factoring company will make a direct deposit into your Comdata account or your bank account for the amount of approved charges: this could be anywhere between 60 and 90% of your billing;
Once the invoice has been paid by your customer, you’ll receive the balance.
It’s true that Freight Bill Factoring is not for everyone, but it is an ideal way of accessing the cash you need to provide stability to your trucking business and keep your wheels turning whilst you wait for your customers to pay their accounts.
Obviously, the best option for any business is to invoice your customers directly and wait to receive payment, but unfortunately many customers are painfully slow when it comes to paying their invoices. If you’re experiencing a cash flow problem, then working with a factoring company could well provide the financial cushion you need to keep your trucks on the road. It’s up to you to do your own research and determine whether factoring makes sense for your business. We trust that the information we’re providing here will provide you with enough knowledge to help you make a wise decision.
The Cost of Freight Bill Factoring
As explained above, there’s a cost involved with Freight Bill Factoring, and it’s up to you as the business owner to determine whether it’s worth the cost. The cost of Trucking Factoring can vary from as little as 1.5% up to around 5% of the line haul revenue.
You also need to be aware that there could be a number of fees, charges, and other expenses if you employ the services of a Freight Bill Factoring company. Generally, when you’ve assigned your Bills of Lading to a Trucking Factoring company, you’ll receive an immediate advance of between 60 and 90% of the anticipated revenue: of course, this figure will depend upon the factoring company you use. Once your customer has paid their invoice, the balance will be remitted to you.
It’s also important to note that all Freight Factoring companies are not equal, so here are some key questions a business owner should ask when considering hiring the services of a Trucking Factoring company:
Recourse or Non-Recourse: Which Freight Factoring Service Do You Provide?
You may not be familiar with these terms, but you need to be, because the ramifications of not understanding these terms could seriously affect the profitability of your business.
means that, should your customer fail to pay the factoring company, the factoring service can come back to you for reimbursement; while
means that you have your money whether the invoice does or doesn’t get paid.
Will You Bill My Customer for All Future Loads or Can Factoring Be Done on a Load-by-Load Basis?
Let’s say you have a temporary cash shortfall problem that you’re trying to resolve by hiring the services of a Freight Factoring company: many businesses require that the factor handle all future collections owed to you by that specific customer. However, depending upon the customer, this may not be the path you wish to take. You should be aware, though, that some factoring companies are very rigid with this requirement.
There are Freight Bill Factoring services out there that allow you to choose on a load-by-load basis as to whether you’d like them to handle the collection on your behalf or whether you prefer to deal with the process of billing and payments yourself. And these services generally let you decide whether you want to receive payment when the invoice is actually paid or whether you want immediate payment. This can be very useful for small businesses because it can save a lot of time by allowing you to use the Freight Factoring service as a kind of de-facto billing service.
Is There a Price Difference If the Factoring Company Bills a Customer for All Loads Pulled?
Some Freight Factoring companies require that all billings originate through them, while others allow you to decide on an invoice-by-invoice basis whether you want the factoring company to do it, or whether you’d prefer to bill your customer yourself. If you choose to use their services on a spot-usage basis and choose not to have a certain invoice factored, you’ll probably still have to pay the $15-$20 billing charge. You’d then receive payment once the customer has settled their account.
Are Extra Fees Payable for Additional Services?
It’s not usual for a freight factoring company to automatically pay your customer’s invoices: they need assurance that your customer is a reliable, good-paying customer, so they’ll typically require a credit check to ensure they’ll be paid. Most Freight Factoring companies will arrange for a customer’s credit check on your behalf, and this credit check could incur a nominal fee. On the other hand, there are factoring companies out there that are happy to provide you with access to a list of customers that are already pre-approved – these are companies that currently meet the factor’s credit requirements. This can be very useful information to a trucking company, particularly if you need to know the credit rating of a prospective customer prior to booking a load.
How Much of the Freight Bill Do You Advance; and Do You Require a Deposit?
It’s very rare that a Freight Factoring service will advance 100% of your freight invoice, and that’s just one of the reasons why it’s imperative that you take the time to do your own research and find out what your chosen factoring company’s policy is. You also need to know if this will change from load to load or if the same policy applies to all your customers and all freight bills. p> Regarding deposits, some freight factoring services do require deposits, while others don’t. Again, before you finalize any contract with a Trucking Freight Factoring company, be very sure that you know exactly what you’re signing up for. p>
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