MADISON, WI – October 24, 2023 – First Business Bank announces that its Accounts Receivable Financing team recently funded a $1 million factoring facility to a software development company.
First Business Bank’s new client specializes in developing software solutions that enhance the automation and efficiency of its customers.
“The dynamics of this sector can be tricky with respect to factoring,” said Bill Elliott, President - Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Contingencies, such as milestone billings and subscription billings, can threaten the ultimate collectability of A/R. We developed a level of comfort with this transaction, and others like it, by analyzing the entire company’s overall risk of potential default and then weighing that risk against the collectability of the A/R.”
The Accounts Receivable Financing team provides funding in amounts of $100,000 to $18,000,000 to companies seeking to improve cash flow and take advantage of every business opportunity.
About First Business Bank
First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.