Quebec businesses can now take advantage of a new form of receivable-based financing offered by 1st Commercial Credit. This new service does not require the strict underwriting criteria that most traditional asset-based lenders dictate.
1st Commercial Credit, LLC (a provider of factoring and accounts receivable financing), now offers services in Quebec, Canada. The Canadian province has been a challenge for many factoring companies due to the complexity of perfecting the liens on accounts receivable. Because local finance companies have enjoyed a monopoly for many years in providing this type of service, Quebec business owners now welcome more competition for this type of financing.
According to Raul Esqueda (founder and president of 1st Commercial Credit): “I am happy to announce that our factoring services are available to businesses that domicile in Quebec. We will bring to the table what no other factoring company has ever done in the past. For years, financiers who were managed by traditionalists with conservative underwriting parameters (similar to banks) have dominated Quebec businesses. This made it difficult for small to mid-sized businesses to tap into this kind of financing.
1st Commercial Credit can provide fast and flexible funding. We do not require financial statements or charge up-front fees to establish an account. We can also provide same day approval and initial funding within 3 working days. These parameters (combined with prime-plus based rates) are completely revolutionizing the way accounts receivable finance is conducted in both the US and Canada.
Also, our (all-inclusive) service fee structure is simple for clients to understand. Unlike most asset-based lenders and banks (that offer this type of financing), there are no origination fees, monitoring service fees, unused credit line interest or quarterly audits.”
The introduction of services in Quebec will include the flagship InterGlobeCarrier (SM) Factoring Credit Lines (transportation receivable-based financing), along with receivable financing for temporary staffing agencies, manufacturers, distributors and service providers. 1st Commercial Credit, LLC has been providing factoring services in Canada for over 5 years and has offices in Toronto, Ontario.