First Business Bank’s Accounts Receivable Financing group announced a recently funded $10 million factoring facility for a collection of companies that provide various services, such as staffing, linen, and laundry, to the hospitality industry. The transaction was funded 12 days after receiving a signed proposal from the client.

“Our group does not require field exams,” said Bill Elliott, President - Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Our staff includes several people with previous asset-based lending field exam experience, so we can conduct audit-like analysis during our normal due diligence. This process saves a lot of time and expense for our prospects. In the case of this transaction involving several companies as ‘co-sellers,’ we obtained formal internal credit approval eight days after receiving a signed proposal. We then funded our new client four days after that.”

The Accounts Receivable Financing team finances a broad range of businesses, from startups to companies with revenues of over $100 million.