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Charter Capital, a Houston based specialty financial services company, announced today that in light of the capital constraints faced by many lenders today it is doubling its capacity to provide accounts receivable funding to small businesses.
(PRWEB)
November 1, 2008 -- Overextended on credit lines that
often were based on home equity, small businesses are
increasingly hard-pressed to service debt in an
atmosphere of slowing sales. "On top of limiting loans
in order to maintain capital requirements, small
business bankers have been pressed to tighten credit
standards due to general uncertainties associated with a
slowing economy" says Joel Rosenthal, Managing Director.
"Many small businesses saw the handwriting on the wall
months ago and were quick to warm up to the concept of
obtaining funding from alternative sources such as
Charter Capital." Mr. Rosenthal suggests that bankers
appreciate the synergies gained by referring "difficult
to qualify" borrowers to Charter Capital for funding and
related factoring services. "While Charter Capital is
charged with providing funding to the business through
its factoring services, incentives are given to the
business referral to maintain its checking and
depository business at the referring bank".
Charter Capital is not a bank or depository. Rather,
it is a specialized finance company structured to
provide funding and accounts receivable management
services to its clients via a process commonly referred
to as factoring. Charter Capital's FactorLine services
are geared to accommodate small businesses that have
difficulty qualifying for conventional commercial bank
loans. FactorLine services are intended to be
complementary to traditional commercial banking
services, leaving the bank free to concentrate on
satisfying other relationship-driven services demanded
by small businesses, services such as checking, payroll,
and personal banking.
Headquartered in Houston, Texas, Charter Capital
(http://www.chartercapitalusa.com) provides working
capital funding via a process commonly referred to as
"factoring of accounts receivable", asset-based lending,
and cash flow solutions for businesses nation-wide
including: freight delivery and transportation, repair,
maintenance and inspection service providers, consulting
firms, most other service providers, staffing firms,
distributors, wholesalers and manufacturers. Charter
Capital also serves business in Dallas, TX; San Antonio,
TX; Austin, TX; Atlanta, GA; Albuquerque, NM; Phoenix,
AZ; Nashville, TN; Indianapolis, IN; Oklahoma City, OK;
and cities nationwide.
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