First Business Growth Funding Funds $5 Million Accounts Receivable Facility
MADISON, WIS. — MAY 26, 2020 – First Business Growth Funding, a division of First Business Capital Corp., funded a $5 million accounts receivable purchase facility for a logistics and transportation company. The facility was used to refinance an existing bank loan and for additional working capital for growth opportunities.
Despite challenges created by COVID-19, First Business arranged a successful and timely closing by leveraging its technical proficiencies.
“We are very happy to welcome this client to our growing portfolio,” said Bill Elliott, President of First Business Growth Funding. “First Business never wavered in its commitment to close this transaction by the exiting lender’s target date. Our people, primarily working remotely, worked to diligently fulfill our client’s expectations.”
About First Business Growth Funding
First Business Growth Funding, the accounts receivable financing arm of First Business Financial Services, Inc., provides factoring solutions to service providers, importers, and manufacturers of all sizes throughout the United States with transactions ranging from $100,000 to $10 million.
About First Business Bank
First Business Financial Services, Inc. (Nasdaq: FBIZ) is a bank holding company and parent of First Business Bank focused on the unique needs of businesses, business executives, and high net worth individuals. First Business offers business banking, specialty finance, and private wealth management solutions, and, through its niche focus, provides clients with unmatched expertise, accessibility, and responsiveness.