First Business Bank’s accounts receivable financing group funded a $3 million accounts receivable factoring facility for a waste management company. The company, which is a new client for First Business Bank, operates a recycling business as well as several landfills. The facility will help augment the company’s cash flow following an acquisition.
“This transaction is an example of how a company may utilize an accounts receivable financing program to complete an M&A transaction without having to raise additional equity,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “Our alternative financing allowed our client to avoid the distracting and expensive process of trying to quickly raise equity.”
