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"

Billings is the largest city in the State of Montana, and is the principal city of the Billings Metropolitan Area with a population of 165,361. It has a trade area of over half a million people.

Billings is located in the south-central portion of the state and is the county seat of Yellowstone County, which had a 2013 population of 154,162 The 2013 Census estimates put the Billings population at 109,059 the only city in Montana to surpass 100,000 people. The city is experiencing rapid growth and a strong economy; it has had and is continuing to have the largest growth of any city in Montana. Parts of the metro area are seeing hyper growth. From 2000 to 2010 Lockwood, an eastern suburb of the city, saw growth of 57.8% the largest growth rate of any community in Montana. Billings has avoided the economic downturn that affected most of the nation 2008–2012 as well as avoiding the housing bust.

Billings was nicknamed the Magic City because of its rapid growth from its founding as a railroad town in March 1882. The city is named for Frederick H. Billings, a former president of the Northern Pacific Railroad. With one of the largest trade areas in the United States,Billings is the trade and distribution center for most of Montana, Northern Wyoming, and western portions of North Dakota and South Dakota. Billings is also the retail destination for much of the same area. With more hotel accommodations than any area within a five-state region, the city hosts a variety of conventions, concerts, sporting events, and other rallies.

Area attractions include Pompey;s Pillar, Pictograph Cave, Chief Plenty Co State Park, Zoo Montana, and Yellowstone Art Museum. Within 100 miles are Little Bighorn Battlefield National Monument, Bighorn Canyon National Recreation Area, Red Lodge Mountain Resort, and the Beartooth Highway, which links Red Lodge to Yellowstone National Park.

Prehistory

The downtown core and much of the rest of Billings is in the Yellowstone Valley which is a canyon carved out by the Yellowstone River. Around 80 million years ago, the Billings area was on the shore of the Western Interior Seaway. The sea deposited sediment and sand around the shoreline. As the sea retreated it left behind a deep layer of sand. Over millions of years this sand was compressed into stone that is known as Eagle Sandstone. Over the last million years the river has carved its way down through this stone to form the canyon walls that are known as the Billings Rimrocks or the Rims.

About five miles south of downtown are the Pictograph Caves. These caves contain over 100 pictographs (rock paintings), the oldest of which is over 2000 years old. Approximately 30,000 artifacts (including stone tools and weapons) have been excavated from the site.

The Crow Indians have called the Billings area home since about 1700. The present day Crow Nation is just south of Billings.

Lewis and Clark Expedition

In July 1806, William Clark (of the Lewis and Clark Expedition) passed through the Billings area. On July 25 he arrived at what is now known as Pompeys Pillar and wrote in his journal "... at 4 P M arrived at a remarkable rock ... this rock I ascended and from its top had a most extensive view in every direction."< Clark carved his name and the date into the rock, leaving the only remaining physical evidence of the expedition that is visible along their route. He named the place Pompy’s Tower, naming it after the son of his Shoshone interpreter and guide Sacajawea. In 1965, Pompeys Pillar was designated as a national historic landmark, and was proclaimed a national monument in January 2001. An interpretive center has been built next to the monument.

The area where Billings is today was once known as Clarks Fork Bottom. Clarks Fork Bottom was to be the hub for hauling freight to Judith and Mussel Basins. At the time these were some of the most productive areas of the Montana Territory. The plan was to run freight up Alkali Creek, now part of Billings Heights, to the basins and Fort Benton on the Hi-Line.]

In 1877 settlers from the Gallatin Valley area of the Montana Territory formed Coulson the first town of the Yellowstone Valley. The town was started when John Alderson built a sawmill and convinced PW McAdow to open a general store and trading post on land that Alderson owned on the bank of the Yellowstone River. The store went by the name of Headquarters and soon other buildings and tents were being built as the town began to grow. At this time before the coming of the railroad, most goods coming to and going from the Montana Territory were carried on paddle riverboats. It is believed that it was decided to name the new town Coulson in an attempt to attract the Coulson Packet Company that ran riverboats between St Louis and many points in the Montana Territory. In spite of their efforts the river was traversed only once by paddle riverboat to the point of the new town.

Coulson was a rough town of dance halls and saloons and not a single church. The town needed a sheriff and the famous mountain man John "Liver-Eating" Johnson took the job. Many disagreements were settled with a gun in the coarse Wild West town. Soon a graveyard was needed and Boothill Cemetery was created. It was called Boothill because most of the people in it were said to have died with their boots on. Boothill Cemetery today sits within the city limits of Billings and is the only remaining physical evidence of Coulson's existence.

When the railroad came to the area Coulson residents were sure the town would become the railroads hub and Coulson would soon be the Territories largest city. The railroad only had claim to odd sections and it had two sections side-by-side about two miles west of Coulson. Being able to make far more money by creating a new town on these two sections the railroad decided to create the new town of Billings, For a short time the two towns existed side-by-side with a trolley even running between the two. However most of the residents of Coulson ended up moving to the new booming town of Billings. In the end Coulson faded away with the last remains of the town disappearing in the 1930s. Today Coulson Park, a Billings city park, sits on the river bank where Coulson once was.<

Early railroad town

Named after Northern Pacific Railway president Frederick H. Billings Billings was founded in 1882. The Railroad formed the city as a western railhead for it farther westward expansion. At first the new town had only three buildings but within just a few months it had grown to over 2000. This spurred the Billings nickname of the Magic City because like magic it seemed to appear overnight.

The nearby town of Coulson appeared a far more likely site. Coulson was a rough and tumble town where arguments were often followed by gunplay. Liver-Eating Johnston was a lawman in Coulson. Perhaps the most famous person to be buried in Coulsons Boothill cemetery is Muggins Taylor, the scout who carried the news of Custer's Last Stand to the world. Most buried here were said to have died with their boots on. The town of Coulson had been situated on the Yellowstone River, which made it ideal for the commerce that steamboats brought up the river. However, when the Montana & Minnesota Land Company oversaw the development of potential railroad land, they ignored Coulson, and platted the new town of Billings just a couple of miles to the Northwest. Coulson quickly faded away; most of her residents were absorbed into Billings. Yet for a short time the two towns co-existed: a trolley even ran between the two. But ultimately there was no future for Coulson as Billings grew. Though it stood on the banks of the Yellowstone River only a couple of miles from the heart of present day Downtown Billings, the city of Billings never built on the land where Coulson once stood. Today Coulson Park sits along the banks of the Yellowstone where the valley's first town once stood.[23]

20th century

By the 1910 census, Billings' population had risen to 10,031 ranking it the sixth-fastest growing community in the nation.[23] Billings became an energy center in the early years of the twentieth century with the discovery of oil fields in Montana and Wyoming. Then the discovery of large natural gas and coal reserves secured the city's rank as first in energy.[23]

 

After World War II, Billings boomed into the major financial, medical and cultural center of the region. Billings has had rapid growth from its founding; in its first 50 years growth was at times in the 300 and 400 percentile.[29]

Billings; growth has remained robust throughout the years, and in the 1950s, it had a growth rate of 66.0%. The 1973 oil embargo by OPEC spurred an oil boom in eastern Montana, northern Wyoming and western North Dakota. With this increase in oil production, Billings became the headquarters for energy sector companies. In 1975 and 1976, the Colstrip coal-fire generation plants 1 and 2 were completed; plants 3 and 4 started operating in 1984 and 1986.

In the 1970s and 1980s, Billings saw major growth in its downtown core; the first high-rise buildings to be built in Montana were erected. In 1980, the 22-floor Sheraton Hotel was completed. Upon its completion, it was declared "the tallest load-bearing brick masonry building in the world" by the Brick Institute of America.[30] During the 1970s and 1980s, other major buildings were constructed in the downtown core;[31] the Norwest Building (now Wells Fargo), Granite Tower, Sage Tower, the MetraPark arena, the TransWestern Center, many new city-owned parking garages, and the First Interstate Tower, the tallest building in a five-state area.

 

With the completion of large sections of the interstate system in Montana in the 1970s, Billings became a shopping destination for an ever larger area. The 1970s and 1980s saw new shopping districts and shopping centers developed in the Billings area. In addition to the other shopping centers developed, two new malls were developed, and Rimrock Mall was redeveloped and enlarged, on what was then the city's west end. Cross Roads Mall was built in Billings Heights, and West Park Plaza mall in midtown. In addition, several new business parks were developed on the city's west end during this period.

Billings was affected by the 1980 eruption of Mount St. Helens in May; the city received about an inch of ash on the ground.[33] The Yellowstone fires of 1988 blanketed Billings in smoke for weeks.[34]

In the 1990s, the service sector in the city increased with the development of new shopping centers built around big box stores such as Target, Wal Mart and Office Depot, all of which built multiple outlets in the Billings area. With the addition of more interchange exits along I-90, additional hotel chains and service industry outlets are being built in Billings. Development of business parks and large residential developments on the city's west end, South Hills area, Lockwood, and the Billings Heights were all part of the 1990s. Billings received the All-America City Award in 1992.

21st century

In the 21st century, Billings saw the development of operations centers in the city's business parks and downtown core by such national companies as GE, Wells Fargo and First Interstate Bank. It also saw renewed growth in the downtown core with the addition of numerous new buildings, new parking garages and a new MET Transit Center and in 2002 Skypoint was completed. Downtown also saw a renaissance of the historic areas within the downtown core as building after building was restored to its previous glory. In 2007, Billings was designated a Preserve America Community.[35] With the completion of the Shiloh interchange exit off Interstate 90, The TransTech Center was developed[36] and yet more hotel development as well. In 2010 the Shiloh corridor was open for business with the completion of the Shiloh parkway, a 4.8-mile (7.7 km) multi-lane street with eight roundabouts.[37] Even more shopping centers were developed in the 21st century. Some of the new centers are Shiloh Crossing which brought the first Kohl's[38] department store to Montana. Shiloh Crossing has also announced that Scheels will be constructing what is being billed as the second largest sporting goods store in the western United States and the second largest Scheels in the world.[39] Other new centers include Billings Town Square with Montana's first Cabela's,[40] and West Park Promenade, Montana's first open-air shopping mall. In 2009, Small Business magazine named Billings the best small city in which to start a business.Billings saw continued growth with the largest actual growth of any city in Montana. On June 20, 2010 (Father's Day), a tornado, dubbed by the media the Fathers Day Tornado,[42] touched down in the downtown core and Heights sections of Billings. The Rimrock Auto Arena at MetraPark and area businesses suffered major damage. While the nation has been feeling the effects of a recession, Billings's economy has been strong. Construction and housing starts have been up as well as large investments in the community by national companies and major new road construction projects. The state's economy is healthier than most states but as western Montana is suffering from a crash in real estate and the near demise of its timber industry, eastern Montana and North Dakota are experiencing an energy boom due to coal and the Bakken formation the largest oil discovery in U.S. history.[11][12][15] Billings is Montana's oasis of economic growth.[10]

The geographic location of Billings was essential to its economic success. Billings' future as a major trade and distribution center was basically assured from its founding as a railroad hub due to its geographic location. As Billings quickly became the region's economic hub it outgrew the other cities in the region. The Billings trade area serves over a half million people. A major trade and distribution center, the city is home to many regional headquarters and corporate headquarters. With Montana having no sales tax, Billings is a retail destination for much of Wyoming, North and South Dakota as well as most of Montana. $1 out of every $7 spent on retail purchases in Montana is being spent in Billings.The percentage of wholesale business transactions done in Billings is even stronger, Billings accounts for more than a quarter of the wholesale business for the entire state, these figures do not include Billings portion of sales for Wyoming and the Dakotas.[67] Billings is an energy center; Billings sits amidst the largest coal reserves in the United States as well as large oil and natural gas fields.

In 2009, Small Business magazine named Billings the best small city in which to start a business.[41] Billings has a diverse economy including a large and rapidly growing medical corridor that includes inpatient and outpatient health care. Billiings has a large service sector including retail, hospitality and entertainment. The metro area is also home to 3 oil refineries, a sugar beet refining plant, a coal fire generation plant, commercial and residential construction, building materials manufacturing and distribution, professional services, financial services, banking, trucking, higher education (4 campuses, 19 others have a physical presence/classes here), auto parts wholesaling and repair services, passenger and cargo air, cattle, media, printing, wheat and barley farming, sugar beet refining, milk processing, heavy equipment sales and service, business services, consumer services, food distribution, agricultural chemical manufacturing and distribution, energy exploration and production, surface and underground mining, metal fabrication, and many others providing a diverse and robust economy.

 

Missoula is a city in the U.S. state of Montana and is the county seat of Missoula County. It is located along the Clark Fork River near its confluence with the Bitterroot River in western Montana and at the convergence of five mountain ranges, thus is often described as the "Hub of Five Valleys". The United States Census Bureau estimated the city's population at 69,122 and the population of the Missoula Metropolitan Area at 111,807[4] Since 2000, Missoula has been the second most populous city in Montana. Missoula is home to the University of Montana, a public research university.

Missoula was founded in 1860 as Hellgate Trading Post while still part of Washington Territory. By 1866, the settlement had moved five miles tream and renamed Missoula Mills, later shortened to Missoula. The mills provided supplies to western settlers traveling along the Mullan Road. The establishment of Fort Missoula in 1877 to protect settlers further stabilized the economy. The arrival of the Northern Pacific Railway in 1883 brought rapid growth and the maturation of the local lumber industry. An element of prestige could be claimed ten years later when what was already called the City of Missoula was chosen by the Montana Legislature as the site for the new state's first university. Along with the U.S. Forest Service headquarters founded in 1908, lumber and the university would remain staples of the local economy for the next hundred years.

By the 1990s, Missoula's lumber industry had gradually disappeared, and today the city's largest employers are the University of Montana and Missoula's two hospitals. The city is governed by a mayor-council government with twelve city council members, two from each of the six wards. In and around Missoula are 400 acres (160 ha) of parkland, 22 miles (35 km) of trails, and nearly 5,000 acres (2,000 ha) of open-space conservation land with adjacent Mount Jumbo home to grazing elk and mule deer during the winter months. The city is also home to both Montana's largest and its oldest active breweries as well as the Montana Grizzlies, one of the strongest college football programs in the Division I Football Championship Subdivision . Notable residents include the first woman in the U.S. Congress, Jeannette Rankin, and the United States' longest-serving Senate Majority Leader, Mike Mansfield.

Archaeological artifacts date the Missoula Valley's earliest inhabitants to the end of the last ice age 12,000 years ago with settlements as early as 3,500 BCE. From the 1700s until European settlements began a hundred years later, the land was primarily used by populations of the Salish, Kootenai, Pend d'Oreille, Blackfeet, and Shoshone tribes. Located at the confluence of five mountain valleys, the Missoula Valley was heavily traversed by local and distant native tribes that periodically went to the Eastern Montana plains in search of bison, leading to inevitable conflict. The narrow valley at Missoula's eastern entrance was so strewn with human bones from repeated ambushes that French fur trappers would later refer to this area as "Porte d' Enfer," translated as "Hell's Gate". Hell Gate would remain the name of the area until it was renamed "Missoula" in 1866.

Western exploration to the area began with the Lewis and Clark Expedition, which stopped twice just south of Missoula at Traveler's Rest (first from September 9–11, 1805, and again from June 30-July 3, 1806) before splitting up on the return journey, with Clark taking the southern route along the Bitterroot River and Lewis travelling north through Hellgate Canyon on July 4."

the Milwaukee Road and regional office for the U.S. Forest Service as well as the opening of the Flathead Indian Reservation to settlement all within a couple years of each other beginning in 1908, the economy began to rapidly expand.

Lumber mills, originally built to provide construction-grade materials for homes and business but then expanded to entice and then meet the demands of the railroad, profited from an increase in demand from railroad expansion and the nation at large. The Bonner mill, partly owned by both the Northern Pacific and Copper King Marcus Daly grew to become the largest producer of lumber in the northwest. Sixteen years later in 1908, Missoula's location as both a major lumber producer and a regional commercial center helped land the city the regional office for the newly establish U.S. Forest Service created to help manage the nation's timber supply. Over the next century, Missoula's various lumber industries would be consolidated under various entities such as the Company in the 1970s and International Paper through the 1980s until most were under control of Creek Timber, all the while demand in timber dropped. In 2007 a downward spiral of Missoula's lumber industry began with the closure of a plywood plant in Bonner, followed by the closure of Bonner's sawmill the next year, and finally the closing of the Smurfit-Stone Container pulp mill in early 2010.

Since opening in 1895, the University of Montana has had a major impact on the development of Missoula's economy. In addition to the economic advantage from accommodating the student body it gave the city an educated workforce that was not available in most of the state. The university today has a very close relationship with the city as Missoula's largest employer and with the millions of dollars the school brings into the city through visitor of school-sponsored sporting and cultural events. The university also houses Missoula's only business incubator, the Montana Technology Enterprise Center (MonTEC), and several start-up businesses.

Beyond timber and education, Missoula's economic mainstay has been of one as a regional trade center. Today Missoula has an immediate trade area of approximately 180,000 residents and is determined by the US Department of Commerce to be the regional economic center for the western third of Montana with a population of 300,929. Key businesses sectors serving the area include health care, retail shopping, transportation, financial services, government/social services, education, events, arts and culture. Health care in particular is one of Missoula's fastest growing industries with St. Patrick Hospital (western Montana's only Level-II Trauma center) and the Community Medical Center already the city's second and third largest employers behind the university. Over all, 55% of employment in Missoula is made up of the service and retail sectors. Export industries are concentrated in heavy and civil engineering, construction, beverage production, technical services, truck transportation, and forestry/logging/wood related industries. In addition to nearly 4 million out-of-state visitors annually, which makes tourism a significant aspect of the Missoula economy, Missoula also is home to a vibrant sector of alternative healthcare.

Missoula is ranked 300 in gross metropolitan product with an output of $4.8 billion in 2013. The city has a total personal income of $4.060.0 billion, an increase from $2.197392 in 1999. Per capita income ranked 187th at $35,156 a year, 89% of the national average. As of November 2011, the Missoula (MSA)'s unemployment rate was 6.9%. As of January 2013, the Missoula (MSA)'s unemployment rate was 5.5% dropping nearly 1% in the past year.

As of 2006 one survey showed Missoula as having a primary trade area of 100,086 and a secondary trade area of 93,272.

 

Great Falls is a city in and the county seat of Cascade County, Montana, United States. The 2013 census estimate put the population at 59,351. The population was 58,505 at the 2010 census. It is the principal city of the Great Falls, Montana Metropolitan Statistical Area, which encompasses all of Cascade County and has a population of 82,384. Great Falls was the largest city in Montana from 1950 to 1970, when Billings surpassed it. Great Falls remained the second largest city in Montana until 2000, when Missoula's incorporation of some surrounding neighborhoods resulted in its population surpassing that of Great Falls by a margin of 363 people. Since then Great Falls has been the third largest city in the state.

Great Falls takes its name from the series of five waterfalls in close proximity along the upper Missouri River basin that the Lewis and Clark Expedition had to portage around over a ten mile stretch; the effort required 31 days of arduous labor during the westward leg of their 1805-06 exploration of the Louisiana Purchase and to the Pacific Northwest Coast of the Oregon Country. Each falls sports a hydroelectric dam today, hence Great Falls is nicknamed "the Electric City". Currently there are two undeveloped parts of their portage route; these are included within the Great Falls Portage, a National Historic Landmark.

The city is home to the C. M. Russell Museum Complex, the University of Great Falls, Great Falls College Montana State University, Giant Springs, the Roe River (claimed to be the world's shortest river), the Montana School for the Deaf and the Blind, the Great Falls Voyagers minor league baseball (formerly known as the Great Falls White Sox and before that as the Dodgers and Giants respectively) team, and Malmstrom Air Force Base. The local newspaper is the Great Falls Tribune. A Coldwell Banker Home Price Comparison Index listed Great Falls as the most afable area of 348 markets in the US, Canada, and Puerto Rico.

The first human beings to live in the Great Falls area were Paleo-Indians who migrated into the region between 9,500 BCE and 8,270 BCE. The earliest inhabitants of North America entered Montana east of the Continental Divide between the mountains and the Laurentide ice sheet. The area remained only sparsely inhabited, however. Salish Indians would often hunt bison in the region on a seasonal basis, but no permanent settlements existed at or near Great Falls for much of prehistory. Around 1600, Piegan Blackfoot Indians, migrating west, entered the area, pushing the Salish back into the Rocky Mountains and claiming the site now known as Great Falls as their own. The Great Falls location remained the tribal territory of the Blackfeet until long after the United States claimed the region in 1803.

Meriwether Lewis was the first white person to visit the area, which he did on June 13, 1805, as part of the Lewis and Clark Expedition. York, an African American slave owned by William Clark and who had participated in the Expedition, was the first black American to visit the site of the future city.

 

Following the return passage of Lewis and Clark in 1806, there is no record of any white person visiting the site of the city of Great Falls until explorer and trapper Jim Bridger reached the area in 1822. Bridger and Major Andrew Henry led a fur-trading expedition to the future city location in April 1823 (and were attacked by Blackfeet Indians while camping at the site).[18] British explorer Alexander Ross trapped around Great Falls in 1824.[19] In 1838, a mapping expedition sent by the U.S. federal government and guided by Bridger spent four years in the area. Margaret Harkness Woodman became the first white woman to visit the Great Falls area in 1862.[20]

The Great Falls of the Missouri River marked the limit of the navigable section of the Missouri River for non-portagable watercraft,[21] and the non-navigability of the falls was noted by the U.S. Supreme Court in its 2012 ruling against the State of Montana on the question of streambed ownership beneath several dams situated at the site of the falls.[22] The first steamboat arrived at future site of the city in 1859.[23]

Politically, the future site of Great Falls passed through numerous hands in the 19th century. It was part of the unincorporated frontier until May 30, 1854, when Congress established the Nebraska Territory.[24] Indian attacks on white explorers and settlers dropped significantly after Isaac Stevens negotiated the Treaty of Hellgate in 1855, and white settlement in the area began to occur. On March 2, 1861, the site became part of the Dakota Territory.[25] The Great Falls area was incorporated into the Idaho Territory on March 4, 1863,[26] and then into the Montana Territory on May 28, 1864. It became part of the state of Montana upon that territory's admission to statehood on November 8, 1889.

Great Falls was founded in 1883. Businessman Paris Gibson visited the Great Falls of the Missouri River in 1880, and was deeply impressed by the possibilities for building a major industrial city near the falls with power provided by hydroelectricity.[27][28][29][30] He returned in 1883 with friend Robert Vaughn and some surveyors and platted a permanent settlement the south side of the river.[27][28] The city's first citizen, Silas Beachley, arrived later that year. With investments from railroad owner James J. Hill and Helena businessman Charles Arthur Broadwater, houses, a store, and a flour mill were established in 1884.[27][28][29][30] The Great Falls post office was established on July 10, 1884, and Paris Gibson was named the first postmaster.[31] A planing mill, lumber yard, bank, school, and newspaper were established in 1885.[27][30] By 1887 the town had 1,200 citizens, and in October of that year the Great Northern Railway arrived in the city.[27][29][30] Great Falls was incorporated on November 28, 1888.

Black Eagle Dam was built in 1890, and by 1912 Rainbow Dam and Volta Dam (now Ryan Dam) were all operating.[27][30]

Great Falls quickly became a thriving industrial and supply center and, by the early 1900s, was en route to becoming one of Montana's largest cities. The rustic studio of famed Western artist Charles Marion Russell was a popular attraction, as were the famed "Great Falls of the Missouri", after which the city was named. A structure billed as the "world's tallest smokestack" was completed in 1908 by the city's largest employer, the Anaconda Copper Mining Company's smelter, measuring 508 feet (155 m) tall. The Big Stack immediately became a landmark for the community. The Big Stack;sister' stack in Anaconda was suffering from cracking and it was decided to remove the support bands from the upper half of the Big Stack and send them to Anaconda. This action proved to be the Big Stack's ultimate demise since the cracks it suffered from rapidly worsened. Citing public safety concerns due to the stack's continual deterioration of its structural integrity it was slated for demolition on September 18, 1982. In an interesting twist of fate the demolition crew failed to accomplish the task on the first try; the two worst cracks in the stack ran from just above ground level to nearly 300 feet up. As the 600 lbs of explosives were set off (which was to create a wedge in the base so it would fall almost vertically into a large trench for the rubble) the cracks 'completed themselves' all the way to the ground—effectively severing the stack into two-thirds and one-third pieces. Much to the delight of the spectating community, the smaller of the two pieces remained standing, but the failed demolition only solidified the safety issue whereas the community cited the event as the stack's defiance. The demolition team who had planted the charges was recalled and several hours later they returned and finished the demolition, after packing another 400 lbs of explosives into the smaller wedge.

During World War II through the city passed Northwest Staging Route on which delivered planes in the USSR according the Lend-Lease. Great Falls prospered further with the opening of a nearby military base in the 1940s, but as rail transportation and freight slowed in the later part of the century, outlying farming areas lost population, and with the closure of the smelter and cutbacks at Malmstrom Air Force Base in the 1980s, its population growth slowed.

Like other cities in the Great Plains and Midwest, the economy of Great Falls has suffered from the decline of heartland industry in recent years.

 

Bozeman is a city in and the county seat of Gallatin County, Montana, United States, in the southwestern part of the state. The 2010 census put Bozeman's population at 37,280 and the 2012 census estimate put the population at 39,860 making it the fourth largest city in the state. It is the principal city of the Bozeman, MT Micropolitan Statistical Area, consisting of all of Gallatin County with a population of 94,720. It is the largest Micropolitan Statistical Area in Montana and is the third largest of all of Montana’s statistical areas.

The city is named after John M. Bozeman who established the Bozeman Trail and was a key founder of the town in August 1864. The town became incorporated in April 1883 with a city council form of government and later in January 1922 transitioned to its current city manager/city commission form of government. Bozeman was elected an All-America City in 2001 by the National Civic League.

Bozeman is a college town, home to Montana State University. The local newspaper is the Bozeman Daily Chronicle, and the city is served by Bozeman Yellowstone International Airport.

Early history

For thousands of years indigenous people of the United States, including the Shoshone, Nez Perce, Blackfeet, Flathead, Crow Nation and Sioux traveled through the area, called the "Valley of the Flowers", although the Gallatin Valley was primarily within the territory of the Crow people.

Nineteenth century

 

William Clark visited the area in July 1806 as he traveled east from Three Forks along the Gallatin River. The party camped 3 miles (4.8 km) east of what is now Bozeman, at the mouth of Kelly Canyon. The journal entries from Clark's party briefly describe the future city's location.

John Bozeman

In 1863 John Bozeman, along with a partner named John Jacobs, opened the Bozeman Trail, a new northern trail off the Oregon Trail leading to the mining town of Virginia City through the Gallatin Valley and the future location of the city of Bozeman.

John Bozeman, with Daniel Rouse and William Beall platted the town in August 1864, stating "standing right in the gate of the mountains ready to swallow up all tenderfeet that would reach the territory from the east, with their golden fleeces to be taken care of". Red Cloud's War closed the Bozeman Trail in 1868, but the town's fertile land attracted permanent settlers.

Nelson Story

In 1866 Nelson Story, a successful Virginia City, Montana, gold miner originally from Ohio entered the cattle business. Story braved the hostile Bozeman Trail to successfully drive ~1000 head of longhorn cattle into Paradise Valley just east of Bozeman. Eluding the U.S. Army, who tried to turn Story back to protect the drive from hostile Indians, Story's cattle formed one of the earliest significant herds in Montana's cattle industry. Story established a sizable ranch in the Paradise Valley and holdings in the Gallatin Valley. He later donated land to the state for the establishment of Montana State University – Bozeman.

was established in 1867 by Captain R. S. LaMotte and two companies of the 2nd Cavalry, after the mysterious death of John Bozeman near the mouth of Mission Creek on Yellowstone River 45°42′52″N 110°23′20″W,[18] and considerable political disturbance in the area led local settlers and miners to feel a need for added protection. The fort, named for Gettysburg casualty Colonel Augustus Van Horne Ellis, was decommissioned in 1886 and few remnants are left at the actual site, now occupied by the Fort Ellis Experimental Station of Montana State University.[19] In addition to Fort Ellis, a short-lived fort, Fort Elizabeth Meagher (also simply known as Fort Meagher), was established in 1867 by volunteer militiamen. This fort was located eight miles (13 km) east of town on Rocky Creek.45°38′30″N 110°55′05″W, el. 5,249 feet (1,600 m)[20]

Other

The first issue of the weekly Avant Courier newspaper, the precursor of today's Bozeman Chronicle was published in Bozeman on September 13, 1871.[21]

Bozeman's main cemetery, Sunset Hills Cemetery, was gifted to the city in 1872 when the English lawyer and philanthropist William Henry Blackmore purchased the land after his wife Mary Blackmore died of pneumonia in Bozeman in July 1872.[23]

The first library in Bozeman was formed by the Young Men's Library Association in a room above a drugstore in 1872. It later moved to the mayor's office and was taken over by the city in 1890.[23]

The first Grange meeting in Montana Territory was held in Bozeman in 1873.[24] The Northern Pacific Railway reached Bozeman from the east in 1883.[25] By 1900 Bozeman's population reached 3,500.

In 1892 the U.S. Bureau of Fisheries established a fish hatchery on Bridger Creek at the entrance to Bridger Canyon. The fourth oldest fish hatchery in the United States, the facility ceased to be primarily a hatchery in 1966 and became the U.S. Fish and Wildlife Service's Bozeman National Fish Hatchery, later a fish technology and fish health center. The Center receives approximately 5000 visitors a year observing biologists working on diet testing, feed manufacturing technology, fish diseases, brood stock development and improvement of water quality.[26][27]

Montana State University - Bozeman was established in 1893 as the state's land-grant college, then named the Agricultural College of the State of Montana. By the 1920s, the institution was known as Montana State College, and in 1965 it became Montana State University.[28]

Twentieth century

Bozeman's first high school, the Gallatin Valley High School, was built on West Main Street in 1902. Later known as Willson School, named for notable Bozeman architect Fred Fielding Willson, son of Lester S. Willson, the building still stands today and functions as administrative offices for the Bozeman School District.[29]

In the early 20th century, over 17,000 acres (69 km2) of the Gallatin Valley were planted in edible peas harvested for both canning and seed.[30] By the 1920s, canneries in the Bozeman area were major producers of canned peas, and at one point Bozeman produced approximately 75% of all seed peas in the United States.[31] The area was once known as the "Sweet Pea capital of the nation" referencing the prolific edible pea crop. To promote the area and celebrate its prosperity, local business owners began a "Sweet Pea Carnival" that included a parade and queen contest. The annual event lasted from 1906 to 1916. Promoters used the inedible but fragrant and colorful sweet pea flower as an emblem of the celebration. In 1977 the "Sweet Pea" concept was revived as an arts festival rather than a harvest celebration, growing into a three-day event that is one of the largest festivals in Montana.[30]

The first federal building and Post Office was built in 1915. Many years later, while empty, it was a film location, along with downtown Bozeman, in A River Runs Through It (1992) by Robert Red, starring Brad Pitt. It is now used by HRDC, a community organization.

The Bridger Bowl Ski Area45°49′02″N 110°53′48″W[32] operates as a 501(c)(4) organization by the Bridger Bowl Association, and is located on the northeast face of the Bridger Mountains, utilizing state and federal land.[33] Bridger Bowl was Bozeman's first ski area and opened to the public in 1955.[34] In 1973 news anchorman Chet Huntley created the Big Sky Ski Resort off Gallatin Canyon 40 miles (64 km) south of Bozeman. The resort has grown considerably since 1973 into a residential community and major winter tourist destination.45°16′51″N 111°24′24″W[35]

In 1986 the 60 acres (240,000 m2) site of the Idaho Pole Co. on Rouse Avenue, was designated a Superfund site and placed on the National Priorities List. Idaho Pole treated wood products with creosote and pentachlorophenol on the site between 1945 and 1997.[36]

The Museum of the Rockies was created in 1957 as the gift from Butte physician Caroline McGill "

"

, Butte's urban landscape includes mining operations set within residential areas, making the environmental consequences of the extraction economy all the more apparent. Despite the dominance of the onda Company, Butte was never a company town. It prided itself on architectural diversity and a civic ethos of rough-and-tumble individualism. In the 21st century, efforts at interpreting and preserving Butte's heritage are addressing both the town's historical significance and the continuing importance of mining to its economy and culture.

Butte was one of the largest cities west of the Mississippi for generations. Silver Bow County (Butte and suburbs) had 24,000 people in 1890, and peaked at 60,000 in 1920. The population steadily declined with falling copper prices after World War I, eventually dropping to 34,000 in 1990 and stabilized. In 2013, the population remains at 34,200. In its heyday between the late 19th century and about 1920, it was one of the largest and most notorious copper boomtowns in the American West, home to hundreds of saloons and a famous red-light district. The documentary Butte, America depicts its history as a copper producer and the issues of labor unionism, economic rise and decline, and environmental degradation that resulted from the activity.

The city is served by Bert Mooney Airport with airport code BTM.

Butte began as a mining town in the late 19th century in the Silver Bow Creek Valley (or Summit Valley), a natural bowl sitting high in the Rockies straddling the Continental Divide. At first only gold and silver were mined in the area, but the advent of electricity caused a soaring demand for copper, which was abundant in the area. The small town was often called "the Richest Hill on Earth". It was the largest city for many hundreds of miles in all directions. The city attracted workers from Cornwall (United Kingdom), Ireland, Wales, Lebanon, Canada, Finland, Austria, Serbia, Italy, China, Syria, Croatia, Montenegro, Mexico, and all areas of the U.S. The legacy of the immigrants lives on in the form of the Cornish pasty which was popularized by mine workers who needed something easy to eat in the mines, the povitica—a Slavic nut bread pastry which is a holiday favorite sold in many supermarkets and bakeries in Butte — and the boneless porkchop sandwich. These, along with huckleberry products and Scandinavian lefse have arguably become Montana's symbolic foods, known and enjoyed throughout Montana. In the ethnic neighborhoods, young man formed gangs to protect their territory and socialize into adult life, including the Irish of Dublin Gulch, the Eastern Europeans of the McQueen Addition, and the Italians of Meaderville.

Among the migrants, many Chinese workers moved in, and amongst them set up businesses that led to the creation of a Chinatown in Butte. The Chinese migrations stopped in 1882 with the passage of the Chinese Exclusion Act. There was anti-Chinese sentiment in the 1870s and onwards due to racism on the part of the white settlers, exacerbated by economic depression, and in 1895, the chamber of commerce and labor unions started a boycott of Chinese owned businesses. The business owners fought back by suing the unions and winning. The history of the Chinese migrants in Butte is documented in the Mai Wah Museum.

The iux of miners gave Butte a reputation as a wide-open town where any vice was obtainable. The city's famous saloon and red-light district, called the "Line" or "The Copper Block", was centered on Mercury Street, where the elegant bordellos included the famous Dumas Brothel. Behind the brothel was the equally famous Venus Alley, where women plied their trade in small cubicles called "cribs". The red-light district brought miners and other men from all over the region and was open until 1982 as one of the last such urban districts in the U.S. The Dumas Brothel is now operated as a museum to Butte's rougher days. Close by Wyoming Street is home to the Butte High School (home of the "Bulldogs").

At the end of the 19th century, copper was in great demand because of new technologies such as electric power that required the use of copper. Three men fought for control of Butte's mining wealth. These three "Copper Kings" were William A. Clark, Marcus Daly, and F. Augustus Heinze.

In 1899, Daly joined with William Rockefeller, Henry H. Rogers, and Thomas W. Lawson to organize the Copper Mining Company. Not long after, the company changed its name to Copper Mining Company (ACM). Over the years, onda was owned by assorted larger corporations. In the 1920s, it had a virtual monopoly over the mines in and around Butte. Between approximately 1900 and 1917, Butte also had a strong streak of Socialist politics, even electing a Mayor on the Socialist ticket in 1914.

The prosperity continued up to the 1950s, when the declining grade of ore and competition from other mines led the conda company to switch its focus from the costly and dangerous practice of underground mining to open pit mining. This marked the beginning of the end for the boom times in Butte.

Labor organizations

 

Butte was also known as "the Gibraltar of Unionism", with a very active labor union movement that sought to counter the power and iuence of the Anaconda company, which was also simply known as "The Company."

By 1885, there were about 1,800 dues-paying members of a general union in Butte. That year the union reorganized as the ), spinning off all non-miners to separate craft unions. Some of these joined the Knights of Labor, and by 1886 the separate organizations came together to form the Silver Bow Trades and Labor Assembly, with 34 separate unions representing nearly all of the 6,000 workers around Butte. The BMU established branch unions in mining towns like Barker, Castle, Champion, Granite, and Neihart, and extended support to other mining camps hundreds of miles away.

In 1892 there was a violent strike in Coeur d'Alene. Although the BMU was experiencing relatively friendly relations with local management, the events in Idaho were disturbing. The BMU not only sent thousands of dollars to support the Idaho miners, they mortgaged their buildings to send more.

There was a growing concern that local unions were vulnerable to the power of Mine Owners' Associations like the one in Coeur d'Alene. In May 1893, about forty delegates from northern hard-rock mining camps met in Butte and established the Miners (WFM), which sought to organize miners throughout the West. The Butte Miners' Union became Local Number One of the new WFM. The WFM won a strike in Cripple Creek, Colorado, the following year, but then in 1896–97 lost another violent strike in Leadville, Colorado, prompting the Montana State Trades and Labor Council to issue a proclamation to organize a new Western labor federation along industrial lines.

After 1905, Butte became a hotbed of Industrial Workers of the World (IWW, or the "Wobblies") organizing. There were a number of clashes between laborers, labor organizers, and the Anaconda company, including the 1917 lynching of IWW executive board officer Frank Little. In 1920, company mine guards gunned down strikers in the Anaconda Road Massacre. Seventeen were shot in the back as they tried to flee, and one man died.

Copper production

In 1917, copper production from the Butte mines peaked and steadily declined thereafter. By WWII, copper production from the ACM's holdings in Chuquicamata, Chile, far exceeded Butte's production. The historian Janet Finn has examined this "tale of two cities"—Butte and Chuquicamata as two ACM mining towns.

Beer production

Commercial breweries first opened in Butte, in the 1870s; they were usually run by German immigrants, including Leopold Schmidt, Henry Mueller, and Henry Muntzer. The breweries were always staffed by union workers. Most ethnic groups in Butte, from Germans and Irish to Italians and various Eastern Europeans, including children, enjoyed the locally brewed lagers, bocks, and other types of beer. By the 1960s, major national brands dominated the market, including ; by the 1990s, however, small microbreweries in Butte and nearby cities found a niche market, and international imports became widely available.[17]

The open-pit era

Since the 1950s, five major developments have occurred: the decision to begin open-pit mining in the mid-1950s; a series of fires in Butte's business district in the 1970s; a debate over whether to relocate the city's historic business district; a new civic leadership; and the end of copper mining in 1983. In response, Butte looked for ways to diversify the economy and provide employment. The legacy of over a century of environmental degradation has, for example, produced some jobs. Environmental cleanup in Butte, designated a Superfund site, has employed hundreds of people.[18]

 

Thousands of homes were destroyed in the Meaderville suburb and surrounding areas, McQueen and East Butte, to excavate the Berkeley Pit, which opened in 1955 by Copper. At the time, it was the largest truck-operated open pit copper mine in the United States. Other open pit mines were dug in the area, including the still-operational East Continental Pit. The Berkeley pit grew with time until it bordered the Columbia Gardens, a large fairground established by Montana businessman William A. Clark. After the Gardens caught fire and burned to the ground in November 1973, the pit was expanded into the site. In 1977 theCO (Company) company purchased Mining, and only three years later started shutting down mines due to lower metal prices. In 1982, all mining in the Berkeley Pit was suspended. In 1983, an organization of low income and unemployed residents of Butte formed to fight for jobs and environmental justice; the Community Union produced a detailed plan for community revitalization and won substantial benefits, including a Montana Supreme Court victory striking down as unconstitutional State elimination of welfare benefits.[19]

Anaconda stopped mining at the Pit in 1983. Montana R bought the property and reopened the pit in 1986. The company stopped mining in 2000, but resumed in 2003 with higher metal prices, and continues at last report, employing 346 people. From 1880 through 2005, the mines of the Butte district have produced more than 9.6 million metric tons of copper, 2.1 million metric tons of zinc, 1.6 million metric tons of manganese, 381,000 metric tons of lead, 87,000 metric tons of molybdenum, 715 million troy ounces (22,200 metric tons) of silver, and 2.9 million ounces (90 metric tons) of gold.[20]

When mining shut down at the Berkeley pit in 1982, water pumps in nearby mines were also shut down, which resulted in highly acidic water laced with toxic heavy metals filling up the pit. Only two years later the pit was classified as a Superfund site and an environmental hazard site. Meanwhile, the acidic water continued to rise. It was not until the 1990s that serious efforts to clean up the Berkeley Pit began. The situation gained even more attention after as many as 342 migrating geese chose the pit lake as a resting place, resulting in their deaths. Steps have since been taken to prevent a recurrence, including but not limited to loudspeakers broadcasting sounds to scare off waterfowl. However, in November 2003 the Horseshoe Bend treatment facility went online and began treating and diverting much of the water that would have flowed into the pit. Ironically, the Berkeley Pit is also one of the city's biggest tourist attractions. It is the largest pit lake in the United States, and is the most costly part of the country's largest Superfund site.

Recent history

 

Over a dozen of the headframes still stand over the mine shafts, and the city still contains thousands of historic commercial and residential buildings from the boom times, which, especially in the Uptown section, give it a very old-fashioned appearance, with many commercial buildings not fully occupied. Many areas of the city, especially the areas near the old mines, show signs of urban blight but a recent iux of investors and an aggressive campaign to remedy blight has led to a renewed interest in restoring property in Uptown Butte's historic district, which was expanded in 2006 to include parts of onda and is now the largest National Historic Landmark District in the United States with nearly 6,000 contributing properties.

A century after the era of intensive mining and smelting, the area around the city remains an environmental issue. Arsenic and heavy metals such as lead are found in high concentrations in some spots affected by old mining, and for a period of time in the 1990s the tap water was unsafe to drink due to poor filtration and decades-old wooden supply pipes. Efforts to improve the water supply have taken place in the past few years, with millions of dollars being invested to upgrade water lines and repair infrastructure. Environmental research and clean-up efforts have contributed to the diversification of the local economy, and signs of vitality remain, including a multi-million dollar polysilicon manufacturing plant locating nearby in the 1990s and the city's recognition and designation in the late 1990s as an All-American City and also as one of the National Trust for Historic Preservation's Dozen Distinctive Destinations in 2002. In 2004, Butte received another economic boost as well as international recognition as the location for the Hollywood film Don't Come Knocking, directed by renowned director Wim Wenders and released throughout the world in 2006.

The annual celebration of Butte's Irish heritage (since 1882) is the annual St. Patrick's Day festivities. In these modern times about 30,000 revelers converge on Butte's Historic Uptown District to enjoy the parade led by the Ancient Order of Hibernians and celebrate in bars such as Maloney's, the Silver Dollar Saloon, the M&M Cigar Store, and The Irish Times Pub.

See also: Saint Patrick's Day in the United States § Butte, Montana

Butte is one of the few cities in the United States where possession and consumption of open containers of alcoholic beverages are allowed on the street (although not in vehicles).[21][22][23][24]

A larger annual celebration is Evel Knievel Days, held on the last weekend of July. This event draws over 50,000 motor sport enthuisasts and fans of Evel Knievel from around the world.[25]

Butte is perhaps becoming most renowned for the regional Montana Folk Festival[26] held on the second weekend in July. In 2013, this event attracted 170,000 attendees for the three-day celebration of traditional music, art,dance and cuisine. This event began its run in Butte as the National Folk Festival from 2008 to 2010 and in 2011 made the transition to the largest free-of-admission music festival in Montana and, most likely, in the Pacific Northwest.

Butte's Fourth of July Parade and Fireworks show is the largest in the state. In 2008 spent his last Fourth of July before his Presidency campaigning in Butte, taking in the parade with his family, and celebrating .[27]

In March 2009, Butte was the location of an airplane crash that made headlines worldwide. Fourteen passengers and crew were killed when the plane crashed into the Holy Cross Cemetery near the runway at Bert Mooney Airport.Helena is the principal city of the Helena Micropolitan Statistical Area, which includes all of Lewis and Clark and Jefferson counties; its population is 76,850 according to the 2013 Census Estimate.

The local daily newspaper is the Independent Record. Professional sports teams include the Helena Brewers minor league baseball and Helena Bighorns Tier III Junior A hockey team. The city is served by Helena Regional Airport (HLN).

The area had long been occupied by varying cultures of indigenous peoples. By the 19th century, European-American and Métis traders had long established trading relationships with regional Native American tribes.

The California gold rush attracted many migrants, with some passing through this area. They cast around for new areas to mine. On July 14, 1864, the discovery of gold by the "Four Georgians" in a gulch off the Prickly Pear valley led to the founding of the city here. Its main street is named Last Chance Gulch and lies close to the winding path of the original gulch. The historic downtown district developed around it.

The original camp was named "Last Chance" by the Four Georgians. By fall, the population had grown to over 200, and some considered the name "Last Chance" as too crass. On October 30, 1864, a group of at least seven self-appointed men met to name the town, authorize the layout of the streets, and elect commissioners. The first suggestion was "Tomah," a word the committee thought had connections to the local Indian people. Other nominations included Pumpkinville and Squashtown (as the meeting was held the day before Halloween). Other suggestions were to name the community after various Minnesota towns, such as Winona and Rochester, where many migrants had come from. Finally, a Scotsman named John Summerville proposed ' pronunciation became dominant and has remained so to the present. Later tales of the naming of Helena claimed the name came variously from the island of St. Helena, where Napoleon had been exiled, or was that of a miner's sweetheart.

The townsite was first surveyed in 1865 by Captain John Wood. However, many of the original streets followed the chaotic paths of the miners, going around claims and following the winding gulch. As a result, few city blocks are consistent in size; rather they have an irregular variety of shapes and sizes.

In 1870, Henry D. Washburn, having been appointed Surveyor General of Montana in 1869, organized the Washburn-Langford-Doane Expedition in Helena to explore the regions that would become Yellowstone National Park. Mount Washburn, located within the park, is named for him. Members of the expedition included Helena residents: Truman C. Everts - former U.S. Assessor for the Montana Territory, Judge Cornelius Hedges - U.S. Attorney, Montana Territory, Samuel T. Hauser - President of the First National Bank, Helena, Montana; later a Governor of the Montana Territory, Warren C. Gillette - Helena merchant, Benjamin C. Stickney Jr. - Helena merchant, Walter Trumbull - son of U.S. Senator Lyman Trumbull (Illinois) and Nathaniel P. Langford, then former U.S. Collector of Internal Revenue for Montana Territory. Langford helped Washburn organize the expedition and later helped publicize the remarkable Yellowstone region. In May 1872 after the park was established, Langford was appointed by the Department of Interior as its first superintendent.

By 1888, about 50 millionaires lived in Helena, more per capita than in any city in the world. They had made their fortunes from gold. About $3.6 billion (in today's dollars) of gold was taken from Last Chance Gulch over a 20-year period. The Last Chance Placer is one of the most famous placer deposits in the western United States. Most of the production occurred before 1868. Much of"

 

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Montana is a relative hub of beer microbrewing, ranking third in the nation in number of craft breweries per capita in 2011.[130] There are significant industries for lumber and mineral extraction; the state's resources include gold, coal, silver, talc, and vermiculite. Tourism is also important to the economy with millions of visitors a year to Glacier National Park, Flathead Lake, the Missouri River headwaters, the site of the Battle of Little Bighorn and three of the five entrances to Yellowstone National Park.

 

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How a New Financial Discovery Made an Average Company Stellar

 

"

�So, this is not a loan?� asked Philip Lopez, reclining back into his chair and crossing his legs. The woman who sat across the desk smiled and shook her head.�Not quite,� she stated.Philip Lopez owned a small trucking company, and his business had recently fallen on difficult times. Trucking could be a profitable business, and for a little under a decade, it had been for Keith. He named his business Rice Trucking, named after Clifton and Antonio, his two grandfathers. They had both been hardworking men, and had done a lot to make Philip the same.Six months ago disaster struck Keith's business when two out of his fleet of fifteen trucks were taken off the road.

 

One was a roll-over and ended up in the trucking graveyard: the other was involved in a serious and costly accident. Philip depended on his full fleet, and missing two trucks was devastating . In addition, he just did not have the available cash to buy a new truck, plus repair the other one.Paying of bills in the trucking industry is always a major cause for concern for businesses.

 

Waiting a month or longer for bills to be paid was quite normal. In the long run, this wasn�t an issue, but if problems arose, you could find yourself in trouble.Philip wasn�t a bad owner, and he hadn�t messed up. 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.And that's why he found himself across the desk from this woman. Philip knew she was employed by a Factoring company and that her name was Lillie. Philip 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.She sat there now, and explained. �It�s not a loan, we purchase your accounts receivable. we are not giving you finance to be repaid later: we are purchasing something from you, and when you can you can buy it back. That way we�re protected from a complete loss, but you�re protected from the outrageous fees you would find in a loan from the bank.Philip nodded. It sounded good to him, almost too good.Lillie 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.�Lillie nodded. �We get that a lot. Listen, I�d hate to see you lose your company. 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.""No problem - I'm just down the road. We normally do it all online but I was happy to come and visit you today,� Lillie said with a smile. �Let's work out a solution to your problem.�And right there and then they created a business profile. Philip filled the form out, with Lillie available to help him if he needed it. The completed profile gave Lillie and her company all the information they needed on Keith's business, and with this information they would determine if this business would in fact be suitable for Factoring. In truth, not all companies were. Some were beyond factoring special brand of help, and sometimes things weren�t even dire enough for it. As Philip completed his form, Lillie listened to his story and she felt quite sure he would be the ideal candidate for Factoring.Lillie took the completed form and placed it in her briefcase. She then stood, reached across the desk and shook Keith�s hand. He stood before they shook as well, and then smiled. Philip walked Lillie to the door where they said 'Goodbye', then he went back into his office.All his staff members were there, all seven who worked in his office. Sitting behind his desk once more he could hear the familiar sounds of his office workers going about their daily business.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. But now, after speaking to Lillie and learning all about Factoring, he felt such a huge relief, like someone had just lifted a huge weight off his shoulders. He relaxed into his chair, running his hand through his thick black hair with its telling streaks of grey.All those long, sleepless nights. The terrifying panic attacks that occurred regardless of where he was. Already he could feel all the stress start to drain away. He knew it wasn't over yet and that there was still a way to go, but he could just feel everything start to change for him. 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.Philip couldn�t help but think back to when he had first started the business. He had opened a restaurant at age twenty two when he was fresh out of school. It had been successful. Offering home cooking in his own hometown, his business had really prospered.But it wasn't what he really wanted to do. 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 Rice Trucking. And that's exactly what he did. For the second time in his short life he created a company from the ground up. He had been successful.Then disaster! The two trucks went down and suddenly his success wasn't looking so guaranteed. 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.

 

Just the thought of shutting down, cutting his losses, laying off his workers - the whole thing made him physically sick some nights. He didn�t know how to say quit.And now it seemed as though he would not have to - all because of Factoring. Philip opened his eyes, sat forward, turned his computer on. He had lots 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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Factoring Trucking Industry

 

"

Since the mid 1980s Coleman Truck & Haul have been successfully running their freight business. For more than twenty years they've been delivering goods for most major industries in the nation, with business booming as they traversed the country, in all kinds of weather, for all kinds of clients. During the boom times from 2002 to 2007 Coleman Truck & Haul was the mastermind of a top-rated accounts receivable in the trucking industry. Few customers were ever late on bills and those clients who were, were sure to turn in their late payments within a reasonable amount of time. Cash was flowing and times were good for all.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 Coleman 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. And as spring turmed to summer and summer into the early days of fall, Russell Flores, CEO of Coleman felt a chill go down his spine whenever he would look at the weekly A/R 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? By his bookkeepers records, this wasn't the case. He thought perhaps that he was losing clients to a competitor who offered rock-bottom prices with little to no guarantee of quality performance, and that the folks who owed Coleman money had jumped ship and decided to leave him holding the bag.

 

. They could not afford to pay him their debt, but they could afford a lesser service, maybe. So he did the necessary research and, after discussions with friends in the same field, he realised that no, his customers hadn't gone anywhere else. The had just gone!.This current state-of-affairs was causing Russell Flores to have some very restless nights. There were goods to ship, employees to pay, trucks to repair and maintain, and continuous overheads that were very extensive when compared to the funds (or lack of) that were incoming. After work he would confide in his wife, Kathryn, and neither were unable to stop the constant worry over the lack of funds.""Lin, I have a really bad feeling,"" he'd sadly say to his wife.""What could you do differently?"" she would ask.Russell 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 traveling, bringing goods to all of his clients. But somewhere, a haze would form over his fleet and the vast number of vehicles would disappear to but a few. What on earth was happening to create the death of his business?""I know what it is,"" said Russell. ""I've relied too long on the profits I receive from invoices alone. I've let too many of our customers go too long without paying on their bills."" Kathryn 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'.""Russell 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 Russell walked into his office with a spring in his step, determined to call each and every client who owed money to Coleman Truck & Haul. This wasn't really a very efficient way for a Chief Executive to spend his day, and Russell 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. Even though he was doing something to help his company, he knew he had folks on salary to do just this thing. Wasting money, wasting time - even with the best of intentions, Russell knew that he was in trouble.

 

After a half day of contacting debtors in vain - they dodged his calls or promised to call back at worst or made minimal interest-only payments at best - he was about to throw in the towel when his secretary Shannonerley knocked at his door.

 

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

 

""Sure thing Shannon, come on in."" Russell relaxed back into his chair and looked up at Shannonerley.""Well Russell, this afternoon I did some research, trying to work out how we are going to get out of this mess."" 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 the word factoring?"" Shannonerley asked.""It sounds vaguely familiar. What is it?"" he said.She began, ""Well, it is really very simple. Basically, factoring invoices means that we would get paid immediately for the loads we haul.""Russell interrupted ""Immediately?"".""Yes, immediately,"" she continued, ""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.""Russell replied cautiously ""I see - and what happens then?""Following the completion of their review and once we have been approved for a contract with the factoring company, then we sit down to negotiate conditions and terms. There�s a lot of flexibility depending on the business volume and credit histories. The company will advise us the cost to purchase factoring for our company's accounts receivable. The funding commences once we�ve arrived at an agreement.�Russell was still a little concerned. He leaned forward in his chair and studied the paperwork very closely.""It sounds too good to be true, Shannon,"" he said.""Now, now, I know, I thought the same thing. But really, they have guaranteed us experts that do all the legwork, which would free us up here to focus on our clients in good standing and marketing, all that good stuff. They appear to be very flexible, Russell,"" she underlined a paragraph on the paper before him.""How flexible?"" he asked.""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. Apparently they can figure this all out in two to four days.

 

""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,"" said Russell.Russell took in a long slow breath, then looked at his secretary with something like hope in his eyes.""Precisely�. This could very well be the answer to resolving the problems we are having with these clients who still owe us money.""Russell thought about this and agreed with Shannonerley. The clients who owed them money were long standing friends and professional resources of Coleman. Just because they were experiencing difficulties paying their own bills now, Russell was very concerned about losing these relationships. Russell knew that the economy had taken a hit and he knew that it would probably be a long time before things started to look up again. That unknown amount of time, if he handled these debtors incorrectly, could spell disaster for both of them. Of course he did not want to lose any more money, but he did not want to lose business either.""Well, let me think about this tonight Shannon, thank you."" Shannon stood up and left Russell's office, with the nice feeling of knowing that she may just have solved a very serious problem.Russell sat behind his desk and looked over the details Shannon had not mentioned in their meeting. What other issues could freight factoring help Coleman with? With his pencil gliding down the sheet he noticed that the factoring company could help fray the cost of fuel with fuel discount cards and fuel advances. In fact, Coleman could receive up to fifty-percent cash advances upon load pick-ups. Russell was a typical business man: he despised binding contracts that did not allow room to breathe, so he was pleasantly surprised to see that the factoring company did not require a long term contract, that there was no minimum volume required, and that there were no sign-up fees.""I must tell Greg the good news,"" muttered Russell to himself.His son-in-law Greg had liked the idea of Coleman 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. At that time Russell knew the struggles Greg would face, but he still encouraged him to follow his dream. With the economy the way it was, if an established company such as Coleman was struggling then the little guys, like Greg, were going to be in even more trouble.

 

But, an antidote may have been found in freight factoring and Russell was soon to find out.A few short months later, after completing the application process, having the legal experts review his credit history, accounts receivable, and statements, finally Russell was beginning to find his way out of the hole his debtors had created for him.They took on reasonable factoring purchase contracts and stopped spending their precious man hours scrambling to collect debt. They used that time to refocus their efforts in being competitive in new territories. Russell 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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Factoring Trucking Receivables

 

Precisely why Truck Agencies Use Factoring Companies.

 

As the operator of your own establishment, you may be more than wary already of the difficulty in making sure that cash flow matters do not become a dilemma down the line. Anyway, the most disappointing thing that can in all probability take place for your business is to find yourself embroiled in a long and troublesome predicament that leaves you forever trying to find the money you really need on an recurring manner.

 

For any kind of enterprise in this scenario, the concern can come for waiting for work to lapse and actually be paid into your bank account. Invoices, checks, and the like could take some time to actually to beprocessed which may leave you with momentary capital troubles. Fortunately, there are approaches out there for firms to consider-- and just one of these is factoring firms.

 

Factoring providers will, in exchange for your statements, supply you with the money immediately to ensure that you do not need to fret about the waiting duration which could make paying out the bills and obtaining materialsmore hard. With this type of arrangement, invoice factoring can become incredibly useful for plenty of businesses who have to get out of a cash ploy which they have gotten themselves in.

 

Since, relying on the scale of the project, it can take up to 60 days for some establishments to get paid then it is critical to blanket your own back and not leave yourself money short to pay the costs. After all, how many companies possess two months earnings just lying there to pay for all their spendings until they make money?

 

This is specifically true of trucking enterprises. They generally take care of bunches of statements which means a notable amount of collection time demands business owner themselves. Trying to get compensated in time can eventually become an incredible inconvenience and this is exactly why you make use of truck factoring agencies who are glad to help out truckers specifically.

 

As most of us understand, trucking is an incredibly big business with countless agencies out there handling hundreds of vehicle drivers. The sad thing is, plenty of these drivers land up in income predicaments considering that they are still waiting for work from six weeks in the past to actually pay them. When this is the case for a trucking firm, depending on factoring firms for aid could be the finest choice left.

 

This indicates that a trucking corporation can pay out the salaries of the personnel, keep all the trucks filled with gas and continue to go up, rise and expand without constantly waiting for the money which is taking too prolonged to come in. Trucking Enterprises operating without a factoring system applied are leaving themselves at substantial danger, as contenders cash out rapidly and continue to expand.

 

There's genuinely not much to be distressed about when it comes to utilizing a Factoring establishment-- they are not like a banking company or any individual who is going to leave you with a considerable pile of financial obligation to repay. You give them legitimate invoices from job you have already completed , you are just facilitating the payment system.

 

In the United states of America, where truck establishments do well, factoring providers are not considered taking on loan in any capacity. This private arrangement then enables both parties to benefit and experience a worry-free future-- it provides the factoring firm a guaranteed asset of earnings to add to the list and it furnishes the trucking firm the required finances that they worked hard to get.

 

The trucking firm bestows their invoices to the factoring enterprise. The trucking factoring provider then acquire the payments from the trucking company's clients. Factoring has been in existence for centuries and has been used for long times by a lot of diverse business sectors-- but none exceeding so than truckers. While you could lose out on a small part of the money, something like 1-3 % depending upon who you team up with, it signifies that you are getting the money today and can actually begin putting the money to operate.

 

Once and for all, an IOU or an invoice is not actually going to pay for expenditures, is it? For trucking agencies when the money can be excellent one day and gone the next, it is up to the vehicle drivers to work prudently and to ascertain they are leaving themselves with a substantial quantity of time and money to get through the week up until they are paid for again.

 

So the next occasion your trucking establishment is enduring some temporary capital troubles and you are shelling out way too much time chasing slow paying clients, why not begin taking into consideration making use of a factoring businesses as a method to get your money and give yourself a more at ease future in the eyes of your trucking workers and your bank difference?

 

 

 

 

 

 

 

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Freight Bill Factoring Companies

 

Factoring in the Future of a Trucking Business: A Story The phone was ringing on his desk, and Alexander Reyes just sat there letting it ring. His morning coffee cooled and his cigarette smoked away in the tray: Alexander is thinking, and pondering the biggest decision he's ever had to make for his trucking business. Reyes Trucking Company had reached a turning point and he now had to make a decision as to whether he should sign up with a factoring company, and indeed if this would be a good or regrettable decision for his business.

 

Alexander�s father had started as an owner-operator and had grown Reyes 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 Alexander's mother had jumped into the cab at times to make hauls. His father had lived long enough to witness the price of hires drop during the recession and watch the eruption of fuel prices afterwards. Now the company was solely in Alexander�s hands and he wanted to live to see it in better shape for his sons.

 

To move Reyes 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. He knew that turning down these requests made Reyes Trucking look inefficient and weak in what was currently a strong market.

 

His father would have told him to wait and to take his time adding on new technology. Alexander chuckled, thinking about his father. His father had been against placing 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). He knew his father's days were long gone and new technology was very important for the business, like having Qualcomm to reduce communication time for bills of lading.

 

Alexander knew he was right in his forward thinking. What would be the next step for Reyes Trucking? More importantly, how could he afford it? Funding was all tied up in the mortgage for the office and garage and in the fuel bills. Thankfully he'd just finished paying off the bank loan for the installation of satellite radio in the trucks.

 

But was factoring the answer? If he was being honest, he did not really understand how it all worked. It sounded a lot like ninth grade algebra which just didn�t feel like it belonged as part of the trucking business. Factoring companies buy your invoices and manage your accounts receivable for a certain percentage of the invoiced amount. 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. During those thirty days the trucking company cannot pay its employees and bills with invoices.

 

Alexander had to really consider what his next step was going to be. He had heard of companies charging for same day money transfers, advancing a percentage of the money owed to your business, while the rest is held in a private account if the bill wasn't paid within sixty or more 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 friend Ronnie who had a trucking business in Missouri, was run nearly into the ground by a factoring company that charged him the full freight bill on top of the factoring fees. 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 didn�t mind signing an exclusive contract. He liked the idea of a long term commitment so he knew he wouldn�t have to bother going back and forth to different companies and wasting time filing more forms. He was not charged for a credit check, and in addition he was offered a fuel advance on the pick-up of a load. Many companies offered a non-recourse factoring program that suited him just fine. He was more than happy with the figures he was offered in percentage terms on the freight bills. It sounded like a great scheme to him.

 

It was really refreshing dealing with the factoring people. They were extremely helpful and more personable than the bank staff. It seemed as though those bank people spoke another language, but these factoring guys knew the trucking business and spoke to him like a client, not like a beggar 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 Alexander 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 wouldn�t think poorly of Reyes Trucking and the factoring companies appeared capable of handling the accounts receivable in the same polite manner that his father had used over the years.

 

Alexander stepped out of his office to let his secretary know to expect the arrival of the factoring contract shortly. There was a new bounce is his step now: he knew instinctively that this new step would raise the future of his company to a new and higher level, and that all the stress from the past could now be put behind him. With the capabilities of this new cash flow, Alexander could actually expand Reyes Trucking Company further across the country and perhaps even go international into Canada. He was a happy man again knowing that he had just made a decision which would guarantee the success of his business and his sons would not be inheriting a financial mess.

 

 

 

 

 

 

 

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Account Receivable Finance Companies

 

Date Published- 2014- 04-14 Freight Factoring Definition

 

"

Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

What Are The Benefits Of A Trucking Factoring Company Versus A Traditional 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. You will not Incur Debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. This has many benefits including the fact, that this type of financing will not affect either your business credit rating or your personal credit rating. 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. You'll receive the 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.Interest is Paid 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. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the 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. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so 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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"

Bank Loans

 

Bank loans are an extremely traditional way for a business to get financing. While these loans are handy they are not available to every business. For example, a fairly newly established business simply may not have the assets to readily get a loan from a bank, even if they do, the standard collateral for a business loan is the business itself, which means that if you cannot make your loan payment, you risk losing your entire business. Plus, the amount you apply for through the bank is the actual amount that you are going to receive. Of course, once that loan has been re-paid, you can always re-apply for another loan.

 

Trucking Factoring Companies

 

Trucking Factoring companies do not offer loans, and you do not go into debt when you get money from a Trucking Factoring company. Rather the financing you receive from a Trucking Factoring company is based on money your business has already earned, but have not yet received. The Trucking Factoring company purchases your accounts receivable, or part of them, for a certain percentage of their value - this is normally about 80-95%. The amount of money you can receive is based on the amount of money you have earned and the accounts receivable you are willing to �sell.� Once you have set up Trucking Factoring account it continues as long as you wish it too and the amount of money available to you even can grow as your business grows, giving you the ready cash you need to meet your own obligations.

 

What Are The Benefits Of A Trucking Factoring Company Versus A Traditional 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. You will not Incur Debt. You do not incur debt as you do with a bank loan because the Trucking Factoring company actually purchases your accounts receivable. This has many benefits including the fact, that this type of financing will not affect either your business credit rating or your personal credit rating. 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. You'll receive the 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.Interest is Paid 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. However, there are also a couple of other benefits that a factory company can offer your business is far beyond the scope of the 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. Since these accounts belong to the Trucking Factoring company, this is now their job. Trucking Factoring companies are very efficient at debt collecting, and this frees up your valuable time to devote to running your company.

 

In addition, since the Trucking Factoring company evaluates the credit quality of your customers prior to purchasing the accounts receivable you gain valuable information into which customers are likely to pay and which ones are not so 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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