Nurse Registry Benefits By Local Bank Terminating their Factoring Service.

Nurse Registry Benefits By Local Bank Terminating Their Factoring Service.

Thursday, November 11th, 2004

Dear 1st Commercial Credit,

I wanted to take some time to thank you for your quick response in providing me with a new source of cash flow for our nursing registry. We were previously factoring with our local community bank and everything was going well until we got a 30 day termination notice. The bank decided that the factoring program was not meeting their expectations and they were getting out of it. It was a big shock to us because if we did not get a new factoring company within 30 days, our outstanding balance would be due and payable at the end of the 30 day term. In addition, we no longer would have funding available for our payroll.

Our problems compounded because at the same time, one of our new accounts was starting to represent more than 60% of our receivables. The bank was concerned with the concentration of receivables from this account and was unwilling to extend anymore funding for this new client. They tried to help us in finding a new factoring company but the one they recommended did not like the nurse staffing industry. The factoring company also mentioned they too had limitations of extending credit to accounts representing a high level of receivables from one account debtor.

My husband and I were very worried as we thought all factoring companies had the same criteria. Everything we had worked so hard for was riding in a full speed train wreck ready to happen. We had payroll due next week and limited funding due to our new account problem, and a balance due payable in 30 days.

I got on the internet and came across your web site www.1stcommercialcredit.com. I submitted my online request form and was contacted immediately by an account representative. I explained what was happening in our business and I was happy to know you have had past experience in setting up clients that were previously in a bank factoring program. The account representative that helped me understood exactly what needed to be done in order to expedite the buy out from the bank and provide us with a factoring service by next week. I was very impressed with the knowledge he had of my industry and the quick and straight forward nature of your application process.

I had a factoring proposal the same day, you offered easy to understand rates with no up-front fees to set up. I submitted my online request form on Friday morning and by Thursday the following week we were up and running with our new factoring program. Sometimes I think things happen for the best, we now have a higher advance rate than we had with the bank, no concentration issues, free credit checks for new clients, a professional collection staff, and online reporting.

We are very happy with the prompt and efficient level of service that 1st Commercial Credit provided us. I wish we had found them earlier as our factoring program is much better now than it was our local bank factoring program. We no longer have to worry about our cash flow, credit decisions and collections thanks to 1st Commercial Credit. Thank you.

Sincerely,
Mary Lieberman

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About 1st Commercial Credit, LLC

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.

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