First Business Bank announces its Accounts Receivable Financing team recently funded a $2.5 million factoring facility to a client operating as a smart bus platform.
First Business Bank’s 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 employee and employer. 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,” said Bill Elliott, president – accounts receivable financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “The time we spent with ownership allowed us to become very comfortable with this transaction.”
The Accounts Receivable Financing team provides funding in amounts of $100,000 to $18,000,000 to companies seeking to improve cash flow and take advantage of every business opportunity.