Daily News: May 1, 2012

Federal National Payables Changes Name, Announces New Initiatives

Federal National Payables (Federal National) has changed its name to Federal National Commercial Credit. The new name more accurately reflects the services Federal National provides to government contractors and small businesses.

The company is growing, adding new people and expertise, improving its processes and adding a new website, blog and communication strategies that will support Federal National’s reach beyond Washington, D.C.

Federal National provides working capital financing to small businesses that are just getting started, experiencing rapid growth, are capital constrained, short on fixed assets or facing temporary financial adversity.

“We’ve been known as ‘Federal National’ for nearly 20 years, and that part of our name describes clearly the markets and geographies we serve,” said President and CEO Kwesi Rogers. “We are dropping the word ‘Payables’ and adding ‘Commercial Credit’ to better describe the accounts receivable financing services that we have long provided to the small business government contracting and commercial business communities.”

To increase efficiency, capacity and reliability in its financing services, the company has also improved processes and procedures, responding to challenges in the current economic environment.

“Many government contractors and small businesses have difficulty obtaining traditional bank financing, with tighter regulatory requirements today,” said Rogers. “Federal National helps these companies with access to capital that enables their business to grow, even in difficult financial times. Our process improvements increase accuracy and efficiency, enabling us to help small businesses quickly improve their cash flow.”

Industry veterans Rogers and Joe Sillay, executive vice president, continue to lead the company. Recently, they added several new senior management team members including senior business development officer Christopher Mills, chief financial officer Amy Smithberger, senior account executive Philip Moylan, and chief credit officer Bill Seibold.

“We have always had a fine core of experienced and reliable staff,” said Rogers. “However, with the added experience and perspectives that have joined Federal National in recent months, we provide even more valuable, financial advice and information to our clients along with our working capital solutions.”