First Business Bank announces the funding of a $12 million ledgered line accounts receivable finance facility by its accounts receivable financing group. The facility will allow existing management to purchase 100% of the company and will also support increasing working capital needs.
As a transportation broker, the company is experiencing significant growth opportunities. The First Business Bank facility will allow the company to double in size.
“We had to move quickly on this transaction in order to comply with the terms of the stock purchase agreement,” said Bill Elliott, president – accounts receivable financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “We issued our proposal within 24 hours of our initial call, met personally with the company two days later, and completed underwriting within two weeks. Our experienced staff allow us to identify and address underwriting issues very quickly, accelerating the entire process.”
The accounts receivable financing team provides funding in amounts of $100,000 to $15,000,000 to companies seeking to improve cash flow and take advantage of every business opportunity.