First Business Bank’s accounts receivable financing team funded a $2.5 million factoring facility for a client operating as a smart bus platform.
This new client specializes in transporting employees to work locations. It utilizes technology to identify markets in which workers are not adequately served by public transportation and then devises routes that efficiently serve both employees and employers. The service has already gained traction with Fortune 500 companies.
“First Business Bank took the time to understand our client’s business, including some unique billing characteristics,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “The time we spent with ownership allowed us to become very comfortable with this transaction.”
