First Capital Offers Furniture Exporters Export Factoring Program

Furniture World Magazine

First Capital, a leading commercial financial services firm, announced the launch of its Export Factoring program to enhance its suite of International Supply Chain Finance solutions. The offering is the second in a series ofnew international trade solutions First Capital will unveil this month. Earlier this month, the firm announced “Pre-Delivery Guaranty” as the first offering in the suite. Export Factoring combines the features and benefits of several basic, yet vital trade services packaged into one offering. It allows U.S. exporters to be more competitive and grow their exporting business by offering open account credit terms rather than expensive and complicated letters of credit (L/Cs). First Capital guarantees payment from the importer. Included is an accounts receivable service that provides collections, posting and remittance of invoices thereby cutting the need to employ additional staff or incur costly international expenses. First Capital will also establish an asset-based line of credit and lend on the value of the trade receivables in order to provide the Exporter with cash while waiting for payment from their customer. “It’s no longer sufficient to produce the best product at the lowest price. To beat the competition, exporters need to offer foreign buyers attractive credit and delivery terms,” says Anthony K. Brown, International Managing Director, First Capital. “First Capital has recognized this challenge and created Export Factoring as a working capital tool for exporters and their buyers.” “We are pleased to offer creative financing solutions that help facilitate global trade,” said Mark Sunshine, President and COO of First Capital. “Export Factoring is comprehensive trade solution that’s a natural addition to our existing supply chain services.” First Capital launched its International Factoring service in April 2007. First Capital is a member of Factors Chain International (FCI), the leading international factoring trade group with 225 members in 63 countries. About First Capital: First Capital (www.FirstCapital.com) is a leading commercial financial services firm providing prompt, professional and reliable working capital solutions and outsourcing, primarily for middle-market companies and institutions. With over $1 billion in total committed lines, First Capital is one of the largest independent and fastest-growing commercial finance companies in the United States. The firm focuses on asset-based lending, accounts receivable management, credit protection, international supply chain financing and servicing for clients in North America and Asia. The firm also manages asset portfolios for clients and is an active issuer of receivables-backed securities. Combining a unique blend of traditional and progressive banking methods, First Capital provides clients with customized support needed to grow and maintain their business. Based out of West Palm Beach, Florida, the firm has six full-service offices in major cities including New York, Los Angeles, Ft. Lauderdale, Oklahoma City and Atlanta and a subsidiary that is headquartered in Hong Kong. For more information contact jitak@firstcapital.com.