First Business Factors Closes $3.5MM Factoring Facility
First Business Factors closed a $3.5 million factoring facility for a wholesale fishing equipment company based in Missouri. The client needed additional capital to accommodate their annual seasonal build-up of inventory and sales.
“The client’s bank was at their lending limit. That bank contacted First Business Factors to formulate a plan to increase the client’s access to additional funds during their seasonal period,” states Gay Denny, VP of Business Development. “First Business felt the quickest path would be to carve out certain receivables to factor, which would free up their line. With the additional availability the client would be able to support their sales volume increase.”
Gail Heldke, senior vice president and division manager added, “We were the right lender for this situation because Factoring is our core focus. We were able to act quickly so there was no disruption to their business.”
First Business Factors is a division of First Business Capital Corp., an operating company of, First Business Financial Services.