Austin, TX (PRWEB) October 5, 2010
A finance company that started in El Paso, TX specializing in factoring receivables surpasses $1 billion in funding since its inception in early 2000. 1st Commercial Credit, LLC (1st CC) for the last 10 years has accommodated funding for businesses all over the USA, Canada and the UK. The company has recently moved its headquarters to Austin, TX as of September 1st of 2010 and will be operating in a Central Time Zone rather than Mountain Time.
1st CC is unique in that it offers receivable based financing, asset based lines of credit and purchase order funding to a vast majority of industries. While the FDIC continues to see more bank failures and announced the 129th closing for this year, 1st CC still remains financially strong with plenty of financial resources to exceed another billion dollars in funding for the next three to four years.
Banks prefer to finance larger, seasoned companies over $10 million in yearly revenues leaving small companies with limited choices. 1st CC has added new asset based financial products for companies under $10 million in yearly sales. Companies that fall under this situation are either no longer bankable, on a rebound but have taken losses in the last year, or are too new to qualify for bank credit.
According to Raul Esqueda (President of 1st Commercial Credit): "The next billion mark will be much easier to reach as we have added new financial products to our services. The asset based lending products we offer have more availability on A/R and inventory compared to some banks. If banks are forced to increase loan loss reserves form 2% to 7%, we will definitely see more tightening up in the banking industry causing less equity available for loans or lines of credit for businesses. I am also very happy to announce our new location in Austin, TX as we are now more centrally located for US based customers."
1st Commercial Credit (SM) is a trademark of 1st Commercial Credit, LLC.