PR- Siemens First Capital to Launch Accounts Receivable Purchase Program

 
Siemens First Capital Commercial Finance, LLC announced today an Accounts Receivable (A/R) Purchase Program for Middle Market companies. This program offers quick access to working capital for companies using their accounts receivables as collateral for an asset-based line of credit. The program also addresses domestic and international financial institutions that are seeking alternatives to service their existing contracts with a stable and reliable counterparty. Qualification of the A/R Purchase Program depends on the quality of the accounts receivable and is subject to verification, full notification and perfection.

At the same time, Siemens First Capital (SFC) re-enforced their commitment to Middle Market companies. Siemens First Capital continues to be committed to our existing customers and is a reliable and stable source of capital for those companies who are in need of additional or new funding sources for working capital.

“The market is very dynamic and constantly changing. At Siemens First Capital, we are excited about our future and growth potential, said Mark Sunshine, President and Chief Executive Officer of Siemens First Capital. “Our capability to serve a diverse set of customers, combined with stable funding that we are offering, makes us a natural choice for companies seeking a long-term relationship. As Middle Market companies balance their growth ambitions with their capital needs, whether it is for a $100 million or $3 million facility, we have the capability to serve.”

Those interested in a credit facility can learn more by calling 866-836-4917. Siemens First Capital Commercial Finance, LLC (Siemens First Capital), is a joint venture between SFS and First Capital. Siemens First Capital, with offices in New York and several other locations in the U.S., will focus on cross-border asset-based financing between $20 million and $200 million by managing the collections and non-payment risk for Asian clients shipping goods into the U.S.

With some 1,800 employees and an international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, the Siemens Financial Services group offers a broad range of financial services. Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical engineering, and operates in the industry, energy and healthcare sectors. In fiscal year 2007, Siemens reported worldwide sales of $96.6 billion, and employs 400,000 people in 190 countries. With its U.S. corporate headquarters in New York City, Siemens in the USA reported sales of $23.1 billion and employs approximately 72,000 people throughout all 50 states and Puerto Rico.

First Capital 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. 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. Further information: www.FirstCapital.com.