First Business Bank Closes $15 Million Ledgered Line Accounts Receivable Financing Transaction
MADISON, WI – February 3, 2021 – First Business Bank announces the closing of a $15 million Ledgered Line transaction by its Accounts Receivable Financing group. The facility includes a $4 million sub-limit against “unbilled A/R” and a $2 million short term over-advance sub-limit.
Our new client provides international freight forwarding services. The company is experiencing exceptional growth, so its cash needs are outpacing its continued profitability.
“We worked hard to understand the business, the collateral, and the ownership and management team,” said Bill Elliott, President – Accounts Receivable Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank. “As a result, we have been able to structure a facility that addresses the company’s cash needs. Our ability to properly analyze future cash flow performance and collateral levels has allowed us to feel comfortable with the $2 million over-advance facility.”
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.