RMP Announces Launch of PO Finance Unit RMP Trade Capital
RMP Capital Corporation, a ten-year-old national factor based in Islandia, NY, has launched a new division, RMP Trade Credit, LLC (RMPTC). This new business unit will provide purchase order financing and letters of credit to growing companies (including startups and distressed companies).
RMP Capital Corporation, which presently handles more than $200 million in annual invoice purchases, expects to handle more than $50 million in purchase order financing during the remainder of 2012. RMP Trade Credit, found online at www.rmptradecredit.com, will source transactions that range between $5,000 and $2 million.
RMP Capital typically handles factoring transactions from $100,000 to $3 million, and it’s known for its marketplace niches, which include rediscount lines of credit for small growing factoring companies and for contactor financing for contractors working on public works projects. RMP Capital maintains additional offices in: Massachusetts, Pennsylvania, Texas, Michigan and Illinois.
According to James DiCamillo, executive vice president of RMP Capital, “We see a lot of potential, taking this initiative to reach out to a vastly underserved market. We work with a number of small factors where we provide their financing and backroom support. Being able to provide PO financing to these clients will enable them to grow their portfolios and to better compete is this very competitive business environment. We look forward to providing support to both our clients and the many other potential partners in the factoring Community. Since announcing the formation of RMP Trade Credit, LLC at the International Factoring Association’s National Convention in mid-April, we have been delighted with the positive response from the many independent factoring company executives in attendance. RMPTC looks forward to providing its services to all members of the IFA and CFA.”