TSL Express Daily News
The Secured Lender
SFNet's The Deals and Data Issue
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Top 5 Apps for Organizing
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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June 25, 2024
Source: First Business Bank
MADISON, WI – June 25, 2024 – First Business Bank’s Accounts Receivable Financing group announces a recently funded $10 million factoring facility for a collection of companies that provide various services, such as staffing, linen, and laundry, to the hospitality industry. The transaction was funded 12 days after receiving a signed proposal from the client.
“Our group does not require field exams,” said Bill Elliott, President - Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Our staff includes several people with previous asset-based lending field exam experience, so we can conduct audit-like analysis during our normal due diligence. This process saves a lot of time and expense for our prospects. In the case of this transaction involving several companies as ‘co-sellers,’ we obtained formal internal credit approval eight days after receiving a signed proposal. We then funded our new client four days after that.”
The Accounts Receivable Financing team finances a broad range of businesses, from start-ups to companies with revenues of over $100 million.
About First Business Bank
First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.
