New York, NY, November 18, 2009 --(PR.com
)-- Coface Credit Management North America, Inc. (CCMNA) announced today that it provided a factoring facility for a $1.5 million Internet technology company.
This company, servicing mainly online media companies, has suffered as a result of the current economic downturn. Experiencing minimal equity and insufficient support from its traditional lender, the company needed another way to enhance cash flow and wanted to work with a factor that understands the economics of its industry.
“We are pleased to help a business that is growing to achieve its financing goals,” said Gene Knapp CCMNA VP of Factoring. “Since Coface has credit and receivables management experience in nearly every sector, we were able to see the possibilities and to help our client try and realize them.”
CCMNA is Coface North America's factoring arm, providing accounts receivable finance solutions to small and medium sized companies on a non-recourse basis.
Coface's mission is to facilitate global business-to-business trade by offering its 130,000 customers four business lines to fully or partly outsource trade relationship management and to finance and protect their receivables: credit insurance, factoring, ratings and business information and receivables management. Due to the worldwide local service delivered by 7,000 staff in 65 countries, over 45% of the world's 500 largest corporate groups are already customers of Coface. Coface is a subsidiary of Natixis whose share capital (Tier 1) was 13.4 billion euros at the end of December 2008. Learn more at www.coface-usa.com.