First Business Growth Funding, a division of First Business Capital, funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities.
“We are very happy to welcome this client to our growing portfolio,” Bill Elliott, president of First Business Growth Funding, said. “First Business never wavered in its commitment to close this transaction by the exiting lender’s target date. Our people, primarily working remotely, worked to diligently fulfill our client’s expectations.”
First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, provides factoring solutions to service providers, importers and manufacturers throughout the United States, with transactions ranging from $100,000 to $10 million.