First Business Launches Factoring Operation
MADISON, WI, – Nov. 15, 2012 (GLOBE NEWSWIRE) – First Business Financial Services, Inc. (NASDAQ: FBIZ), announces that through its asset based lending company, First Business Capital Corp., it has entered the factoring business with the hiring of a team of three experienced factoring professionals.
The business will operate as First Business Factors, a division of First Business Capital Corp. with its primary location at 2400 East Devon Ave., Suite 211, Des Plaines, Illinois. Gail Heldke has been named Senior Vice President and Division Manager of First Business Factors and Robbin Salvage and Jorge Varela, previously affiliated with Working Capital Solutions have joined First Business Factors as Vice President-Operations Manager and Account Manager, respectively.
Corey Chambas, President and CEO, of First Business Financial Services, Inc. stated, “FBFS has been looking at entering the factoring business for some time. Factoring is an effective financing alternative for young, growing, emerging companies that have solid collateral, but lack other attributes to qualify for conventional financing. First Business, through our other banks and subsidiaries, currently provides traditional bank loans, equipment loans and leases, asset based loans, treasury management services as well as trust and investment services. With the addition of First Business Factors and its skilled team of factoring professionals, we are now capable of providing an additional financing option for privately held businesses at another stage in their development.”
About First Business Capital Corp. First Business Capital Corp. is a leading source of asset-based lending for small- to mid-market companies with credit requirements of $1,000,000 to $7,000,000 and more. It provides revolving lines of credit and term loans for acquisitions, debt restructuring, turnaround situations, debtor-in-possession, confirmation financing, and rapid growth financing. For additional information, visit www.firstbusiness.com or call 608-232-5980.
About First Business
First Business Financial Services is a Wisconsin-based bank holding company, focused on the unique needs of businesses, business executives and high net worth individuals. First Business offers commercial banking, specialty finance and private wealth management solutions, and because of its niche focus, is able to provide its clients with unmatched expertise, accessibility and responsiveness. For additional information, visit www.firstbusiness.com.