First Business Bank announces that its Accounts Receivable Financing team recently funded a $5 million ledgered line Factoring facility to a client operating as a carrier in the transportation sector. The facility includes an additional $5 million accordion piece for future growth.
First Business Bank’s new client is a second-generation family-owned business that has served the shipping needs of thousands of customers over several decades. Recently, the company became frustrated with the rigidity of its current bank and approached First Business Bank for a more flexible solution.
“We remain committed to serving the needs of the transportation sector during these difficult times,” said Bill Elliott, president – accounts receivable financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Our new client has been less susceptible to rate contraction because of advantageous relationships with long-term customers.”