First Business Bank Closes $1 Million Factoring Transaction
MADISON, WI – January 21, 2021 – First Business Bank announces the closing of a $1 million factoring transaction by its Accounts Receivable Financing group.
Our new client provides IT staffing and consulting to large corporate customers. Although many of the client’s customers were in the process of changing their managed service providers (MSPs), which complicated the deal, we closed the transaction in a timely manner.
“We have a lot of experience and particular expertise in the IT staffing sector,” said Bill Elliott, President – Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “Accordingly, we have a high degree of comfort working with MSPs as debtors despite the fact that the terms are generally ‘paid when paid.’ Because of that, on this transaction we were able to quickly identify and resolve underwriting issues, allowing us to close the transaction quickly.”
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.