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Fast A/R Funding Acquires Continental Business Credit

May 08, 2015, 07:51 AM

Fast A/R Funding, a specialty finance company, announced that it has acquired Continental Business Credit (Continental), a 25 year-old privately held commercial finance company providing factoring and asset based lending to manufacturers, importers, and distributors.  Continental will continue operations under its current name as a business unit of Fast A/R Funding and the two companies will cross service more than 150 clients with flexible lending structures and factoring services.

“We saw a unique opportunity to acquire a strong local brand in the traditional factoring space here in Southern California.  By utilizing our significant capital reserves, technology platform, and financing expertise, we know both Fast A/R Funding and Continental are poised for substantial growth in the years to come,” said Jonah Schnel, Executive Chairman, Fast A/R Funding. “We will continue to build Continental to the benefit of their current and future clients.  We anticipate substantial growth in 2015 and beyond."

Continental will be the beneficiary of a significantly stronger capital base, enhanced back office services and technological advancements provided by Fast A/R Funding.  Fast A/R Funding has invested considerable amounts and spent several years developing and enhancing its proprietary technology.  This platform provides its clients substantial operating benefits including ease of use, expedited approvals, automated notifications, full transaction-level transparency, and 24/7 availability. 

“This acquisition is a chance for us to expand our reach into new market areas, including apparel, and other consumer product markets while realizing the benefit of a network of clients that have counted on Continental Business Credit for nearly three decades,” said Matt Begley, Chief Executive Officer, Fast A/R Funding.  “Our technology base and streamlined processing will allow their clients to more quickly access funding while still dealing with familiar Continental personnel.  Going forward, our combined portfolio size will also allow us to complete larger loans to existing and new clients.”

Schnel founded the company in 2009, following years of experience in various financial businesses.  Schnel also serves on the Board of Directors at Banc of California.  Shortly after its founding,Begley joined the company as CEO to lead the development and growth.  Begley previously served as President of Siemens First Capital Commercial Finance, LLC, and as Executive Vice President of First Capital, growing the Los Angeles office to more than $250 million in loan commitments.

“This is a win/win opportunity,” said Continental’s founder Lee Hirsch, who will be President of the business unit and will oversee growth strategies and client expansion. “The acquisition allows our clients to benefit from service enhancements while continuing the long standing relationships with the Continental team.  I have an abundance of respect for Fast A/R Funding’s team and I look forward to expanding our marketplace and the clients we serve.” 

The acquisition was financed by Wells Fargo Capital Finance.

Founded in 2009, Fast A/R Funding is a specialty finance company focused on lending to small businesses throughout the United States. 

Established in 1989, Continental Business Credit is a privately held commercial finance company providing factoring and asset-based lending to manufacturers, importers and distributers that sell into retail channels of distribution.

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