Cash-Strapped Transportation Companies Find Relief Through Factoring
Released on: April 18, 2008, 12:29 am
Press Release Author: Olga Baldin
Industry: Transportation & Logistics
Press Release Summary: The Transportation Software Company Inc. and Interstate Capital Corp. are pleased to announce the TSC Financial Services Factoring Program, a unique initiative that provides capital to transportation companies of all sizes. The program offers some of the lowest factoring rates and the highest advances in the industry.
Press Release Body: Milton, Ontario, Canada April 18, 2008 -- The Transportation Software Company Inc. and Interstate Capital Corp. are pleased to announce the TSC Financial Services Factoring Program, a unique initiative that provides capital to transportation companies of all sizes. The program offers some of the lowest factoring rates and the highest advances in the industry.
Factoring has become one of the fastest growing sources of capital in the world. In fact, The International Factoring Association estimates that well over $100 billion in invoices are factored annually in North America alone. In recent years, factoring has played an ever-increasing role in the transportation industry, often replacing traditional financing methods such as bank loans and lines of credit. Whether it is a small carrier with just a few invoices to factor each month or a large organization with hundreds of factorable invoices, factoring is a great financial vehicle to help companies grow and prosper.
One of the most important factors in creating, maintaining and growing a successful business is the need for working capital, commonly referred to as CASH. This is especially true in capital intensive industries such as trucking where driver payroll, fuel, insurance and lease payments come due long before the corresponding payments are received 30, 60 or more days after the load is delivered, said Roy Thacker, CEO of The Transportation Software Company. Our program helps transportation company owners bridge that gap.
Tony Furman, President of Interstate Capital Corp. commented that, factoring has really come a long way in recent years. It has become a mainstream fixture in capital markets because credit decisions are based on creditworthiness of our client's customers, not the financial position and history of their company. This gives us the flexibility to fund many companies that traditional lenders would not consider such as start-ups, rapid growth situations, and companies that have experienced temporary financial setbacks.
About The Transportation Software Company Inc.
The Transportation Software Company is a transportation solutions company dedicated to the sales, service and development of high quality transportation solutions. The core management team is comprised of transportation software professionals, each of whom has several years of experience in the transportation solutions market. The corporate mission is to develop a common platform that will not only allow transportation companies to share information internally but also seamlessly amongst their trading partners. For additional information, visit www.truckware.net.
About Interstate Capital Corp.
Interstate Capital Corp. was founded in 1993 by Tony Furman and Cliff Eisenberg. The business has grown over the last 15 years and now boasts a team of over fifty dedicated associates and 5 offices, including a new location in Toronto, Ontario. From modest beginnings, with one employee and no clients, ICC now purchases over a quarter billion dollars of invoices annually from over 1,000 clients across North America, including a large proportion from the transportation industry. ICC leverages technical expertise and know-how with a warm personal approach to dealing with their clients. ICC is an affiliate of American Finance and Investment Company, Inc. MAFIC), a Texas-based finance company with a track record of over sixty years. ICC is also a member of the International Factoring Association, an industry trade group whose members adhere to a strict code of ethics. For additional information, visit www.interstatecapital.com.
For further information, please contact:
Roy Thacker CEO, The Transportation Software Company Inc. 800.707.4685 Milton, Ontario firstname.lastname@example.org http://www.truckware.net
Olga Baldin Business Development Officer, Interstate Capital Corp. 800.422.5995 Milton, Ontario email@example.com http://www.interstatecapital.com
Web Site: http://www.interstatecapital.com
Contact Details: Olga Baldin Business Development Officer, Interstate Capital Corp. 800.422.5995 Milton, Ontario firstname.lastname@example.org http://www.interstatecapital.com