First Business Bank has announced the funding of a $3 million accounts receivable factoring facility by its accounts receivable financing group. The new client 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,” said Bill Elliott, president – accounts receivable financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Our alternative financing allowed our client to avoid the distracting and expensive process of trying to quickly raise equity.”
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.