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First Business Bank Closes $1MM Factoring Transaction

February 01, 2021, 07:00 AM
Filed Under: Factoring

First Business Bank announced the closing of a $1 million factoring transaction by its Accounts Receivable Financing group.

The new client provides IT staffing and consulting to large corporate customers. Although many of the client’s customers were in the process of changing their managed service providers (MSPs), which complicated the deal, we closed the transaction in a timely manner.

“We have a lot of experience and particular expertise in the IT staffing sector,” said Bill Elliott, President – Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Accordingly, we have a high degree of comfort working with MSPs as debtors despite the fact that the terms are generally ‘paid when paid.’ Because of that, on this transaction we were able to quickly identify and resolve underwriting issues, allowing us to close the transaction quickly.”

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