Daily News: November 15, 2012

First Business Launches Factoring Operation


First Business Financial Services, Inc. announced that through its asset-based lending company, First Business Capital Corp., it has entered the factoring business with the hiring of three experienced factoring professionals.

The business will operate as First Business Factors, a division of First Business Capital Corp. with its primary location at 2400 East Devon Ave., Suite 211, Des Plaines, IL.

Gail Heldke has been named senior vice president and division manager of First Business Factors and Robbin Salvage and Jorge Varela, previously affiliated with Working Capital Solutions have joined First Business Factors as vice president-operations manager and account manager, respectively.

Corey Chambas, president and CEO, of First Business Financial Services, Inc. stated, “FBFS has been looking at entering the factoring business for some time. Factoring is an effective financing alternative for young, growing, emerging companies that have solid collateral, but lack other attributes to qualify for conventional financing. First Business, through our other banks and subsidiaries, currently provides traditional bank loans, equipment loans and leases, asset based loans, treasury management services as well as trust and investment services.”

He added, “With the addition of First Business Factors and its skilled team of factoring professionals, we are now capable of providing an additional financing option for privately held businesses at another stage in their development.”

First Business Capital Corp. is a source of asset-based lending for small- to mid-market companies with credit requirements of $1 million to $7 million and more.