First Business Factors Provides a $3.5MM Factoring Facility to a Wholesale Fishing Equipment Company
DES PLAINES, IL, January 14, 2014 – First Business Factors closed a $3.5MM factoring facility for a wholesale fishing equipment company based in Missouri. The client needed additional capital to accommodate their annual seasonal build-up of inventory and sales.
“The client’s bank was at their lending limit. That bank contacted First Business Factors to formulate a plan to increase the client’s access to additional funds during their seasonal period,” states Gay Denny, Vice President of Business Development. “First Business felt the quickest path would be to carve out certain receivables to factor, which would free up their line. With the additional availability the client would be able to support their sales volume increase”.
Gail Heldke, Senior Vice President and Division Manager added, “We were the right lender for this situation because Factoring is our core focus. We were able to act quickly so there was no disruption to their business”.
First Business Factors is a division of First Business Capital Corp, an operating company of, First Business Financial Services, Inc. (NASDAQ: FBIZ).
About First Business Capital Corp.
First Business provides asset-based lending and factoring solutions to small- to mid-market companies that have financing requirements of up to $10,000,000+, helping highly leveraged companies make critical business transitions. We offer unmatched personal service, flexibility, and integrity. For additional information, visit www.firstbusiness.com or call 608-232-5980.
About First Business Financial Services, Inc.
First Business Financial Services (Nasdaq:FBIZ) is a $1.3 billion Wisconsin-based bank holding company that specializes in focused financial solutions for businesses, key executives, and high net worth individuals through its operating companies. It is the 2nd largest Wisconsin-based commercial bank holding company listed on NASDAQ or the NYSE. Its companies include: First Business Bank - Madison; First Business Bank - Milwaukee; First Business Bank - Northeast; First Business Trust & Investments; First Business Equipment Finance, LLC; and First Business Capital Corp. For additional information, visit www.firstbusiness.com or call (608) 238-8008.
The First Business Financial Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2667