Trucking Company Receives $5 Million In Receivable Finance Provided By 1st Commercial Credit
As banks tighten up in the trucking sector, freight companies continue to take advantage of receivable based financing offered by 1st Commercial Credit.
El Paso, TX (PRWEB) November 20, 2007 -- 1st Commercial Credit, LLC - an asset based lending company that provides accounts receivable financing for the transportation and trucking industry, finished off the month by facilitating a whopping $5 million revolving line of credit to a trucking company. In addition, several large freight companies including freight brokers seem to be the latest trend of new clients to take advantage of 1st Commercial Credit's financial services.
Receivable financing is offered to small, medium and large size freight companies with minimal requirements. Credit limits up to $250,000 can be established with no financials statements and initial funding may only require an aging, customer list, MC authority, copy of insurance policy, articles of Inc or DBA, and a two page application. Clients that need more than $250,000 may be required to furnish financial statements.
Despite the high default rate of trucking companies in the later part of 2006 and early 2007, 1stCC continued to experience receivable finance growth within the trucking sector throughout the year.
According to Raul Esqueda (founder and president of 1st Commercial Credit) "Trucking companies become vulnerable in this current economy, and it is very important to consider an alternative lender in bad times. Always remember what the banks did in the last recession, they got rid of poor performing loans or high risk sectors by using covenant violations. A reliable line of credit that is not based on your current balance sheet can prove more important to the survival of a business than the cost of borrowing. The trucking industry has been operating with very tight profit margins, and the cost of the interest rate to many business owners becomes the primary consideration. However, if you can use an increase in your credit line to prosper in difficult times, your worries about interest costs should go in second place."
1stCC has become a great outsource for bankers that want to help their clients establish a receivable finance program while still maintaining a close relationship. A good banker knows the bank's limitations and will work to preserve at least part of the relationship. Bankers can submit an online call back request at the "Banker Referrals" page found on www.1stcommercialcredit.com.
First Commercial Credit, LLC offers freight factoring services for various sectors of the transportation industry. Services may include but are not limited to trucking, air freight, local delivery and freight brokers in the USA, Canada and the United Kingdom.
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