1st Commercial Credit
Allocates $30 Million for Fort Bliss 8a Contractors
El Paso based contractors
have a new source of funding for their government contracts.
El Paso, TX February
14, 2006 -- 1st Commercial Credit, headquartered in El Paso, TX, has
allocated $30 million for new construction projects programmed for Fort
Bliss, TX. In an effort to keep contracts from being awarded to
out-of-town contractors, 1st Commercial Credit has partnered with a
private investment management firm that specializes in financing small,
emerging, 8a government contractors. Financing includes mobilization,
new equipment, purchase order finance and working capital for everyday
expenses.
According to Raul Esqueda (President of 1st Commercial Credit): “The
construction industry is a high-risk industry to finance. Most banks
will not consider construction-related businesses for funding. We have
an innovative system to limit the risk involved and can even qualify
high-risk contractors (newly formed undercapitalized businesses who have
been in existence for at least two years). It is very important that El
Paso companies capitalize on this opportunity. If we succeed in keeping
the awarded contracts here, many businesses will prosper and this will
benefit the entire community. This is our time, this is our city, and we
intend to help keep the money in El Paso.”
The
Contractor Financing Program is designed to finance contracts with
local, state, and federal government agencies. It is tailored to meet
the special needs of general contractors and sub-contractors with public
works contracts. It provides up to 15% of the mobilization and working
capital funding necessary for the successful execution of these
contracts.
Administrative services are provided to insure that project funds are
properly applied and that all lien releases are handled appropriately.
In addition, monitoring services will provide all parties involved with
the financial progress of the project.
Contractor Financing Program Requirements:
-Must be 8a (or similar state), City of El Paso certified
-State registered entity (INC, LLC, LLP) – No sole proprietors.
-Must provide two years of financial statements
-Personal guaranty
-Two years in business
-Demonstrated success in similar projects.
1st Commercial Credit offers educational workshops that train
contractors to tap into this type of financing. In addition, lending
institutions, that wish to use the monitoring services, are also
encouraged to participate.
This financial service is not a start-up loan for new businesses. It is
intended only for existing contractors who have been in business for at
least two years and who lack the financing to participate in government
contracts.
1st Commercial Credit (SM) is a trademark of 1st Commercial Credit, LLC
More on construction factoring
What to look for in a factoring company?
Start Factoring Accounts
Receivable Today!
1st Commercial Credit, LLC
Account Representative
This Document has been
digitally date stamped and is monitored. Please do not copy without permission.
1st Commercial
Credit, a
nationwide
factoring company headquartered in El Paso, Texas. Provides accounts
receivable financing in the US, Canada, and the UK; offers
export trade finance to clients in every major world
market and can convert receivable finance transactions in 17
currencies.
1st Commercial Credit (SM) is a trademark of 1st Commercial Credit, LLC.
|
[
[
[