First Business Launches Factoring Operation
15 November 2012 - 10:41PM
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.
The First Business Financial Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=2667
CONTACT: James F. Ropella
Senior Vice President & CFO
First Business Financial Services, Inc.
608-232-5970
jropella@firstbusiness.com
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