First Business Bank’s accounts receivable financing group funded a $2 million factoring facility for a client in Virginia that performs IT consulting services for large customers.
“First Business Bank continues to expand in the IT consulting sector,” Kristen Palmer, vice president – accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “We are very comfortable with our clients in this space and we look forward to continuing to expand our footprint.”
The factoring facility provides immediate cash flow improvement for the IT consulting company, allowing it to accelerate growth and take advantage of new opportunities while its receivables convert to cash.
