First Business Bank Closes $1MM Factoring Transaction for IT Staffing Company

First Business Bank’s accounts receivable financing group closed a $1 million factoring transaction for a new client that provides IT staffing and consulting to corporate customers. First Business closed the deal even though many of the client’s customers were in the process of changing their managed service providers (MSPs), which complicated the deal.

“We have a lot of experience and particular expertise in the IT staffing sector,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, said. “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.”

First Business Bank specializes in business banking, including commercial banking and specialty finance, private wealth and bank consulting services. Specialty finance solutions are delivered through First Business Bank’s wholly-owned subsidiary, First Business Specialty Finance.