First Business Bank’s accounts receivable financing group funded $10 million factoring facility for a collection of companies that provide various services, such as staffing, linen and laundry, to the hospitality industry. The transaction was funded 12 days after receiving a signed proposal from the client.
“Our group does not require field exams,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “Our staff includes several people with previous asset-based lending field exam experience, so we can conduct audit-like analysis during our normal due diligence. This process saves a lot of time and expense for our prospects. In the case of this transaction involving several companies as ‘co-sellers,’ we obtained formal internal credit approval eight days after receiving a signed proposal. We then funded our new client four days after that.”
The accounts receivable financing team finances a broad range of businesses, from start-ups to companies with revenues of over $100 million.
