First Business Bank Funds $12MM Ledged Line A/R Facility for Transportation Broker

First Business Bank’s accounts receivable financing group funded a $12 million ledgered line accounts receivable finance facility for a transportation broker. The facility will allow the broker’s existing management team to purchase 100% of the company and double the size of the company while supporting working capital needs. 

“We had to move quickly on this transaction in order to comply with the terms of the stock purchase agreement,” Bill Elliott, president of accounts receivable financing at First Business Specialty Finance, a subsidiary of First Business Bank, said. “We issued our proposal within 24 hours of our initial call, met personally with the company two days later and completed underwriting within two weeks. Our experienced staff allow us to identify and address underwriting issues very quickly, accelerating the entire process."