Factoring Company Creates Funding Program for Furniture Industry
September 28, 2009
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Eagle Capital, an accounts receivables factoring company with roots in the transportation industry, is now offering a funding program to serve the furniture industry.
Eagle Capital’s business model is structured around easy, low-cost funding for growing businesses without the long-term requirements of a bank loan. Eagle advances their client companies a percentage of the money that they’ve earned for work completed for customers. Those customers can take 30 days or more to pay for the work, but Eagle clients get paid—by Eagle—as soon as they send a copy of the work invoice to Eagle. Eagle collects payment from the customer.
As an added benefit, Joe Estess, Eagle president, said the company performs credit checks for their clients on all potential customers. This check helps client companies know if the customer can be trusted to pay or might be a risky bet.
“I started out in the transportation business, and traditionally, that’s where most of our clients come from,” Estess said. “But many furniture manufacturers aren’t that different from trucking companies. They incur a lot of out-of-pocket expenses to fill orders for their customers, and then have to wait to get paid for that work. We’re trying to keep cash flowing through their business so that that they can keep working. It’s a very simple principle.”
To manage the furniture industry segment of the company, Eagle has named Stefan Witcher as account representative. Prior to joining Eagle, Witcher has held positions with Culp Fabrics and Quaker Fabric Corp.
“I joined Eagle because Joe Estess came to me with an idea,” Witcher said. “He’d seen American furniture manufacturers struggle against cheap overseas competitors and a slow economy. He knew that the same model he used to serve growing transportation companies could help furniture manufacturers infuse cash flow into their businesses and keep fighting.”
Estess said Witcher understands the particular needs of the furniture industry and will help Eagle translate its business to a new market.
“I’ve already been meeting with some of Mississippi’s top manufacturers, and we’re heading to North Carolina in October,” Witcher said. “We’re getting positive feedback everywhere we go.”
Eagle Capital’s business model is structured around easy, low-cost funding for growing businesses without the long-term requirements of a bank loan. Eagle advances their client companies a percentage of the money that they’ve earned for work completed for customers. Those customers can take 30 days or more to pay for the work, but Eagle clients get paid—by Eagle—as soon as they send a copy of the work invoice to Eagle. Eagle collects payment from the customer.
As an added benefit, Joe Estess, Eagle president, said the company performs credit checks for their clients on all potential customers. This check helps client companies know if the customer can be trusted to pay or might be a risky bet.
“I started out in the transportation business, and traditionally, that’s where most of our clients come from,” Estess said. “But many furniture manufacturers aren’t that different from trucking companies. They incur a lot of out-of-pocket expenses to fill orders for their customers, and then have to wait to get paid for that work. We’re trying to keep cash flowing through their business so that that they can keep working. It’s a very simple principle.”
To manage the furniture industry segment of the company, Eagle has named Stefan Witcher as account representative. Prior to joining Eagle, Witcher has held positions with Culp Fabrics and Quaker Fabric Corp.
“I joined Eagle because Joe Estess came to me with an idea,” Witcher said. “He’d seen American furniture manufacturers struggle against cheap overseas competitors and a slow economy. He knew that the same model he used to serve growing transportation companies could help furniture manufacturers infuse cash flow into their businesses and keep fighting.”
Estess said Witcher understands the particular needs of the furniture industry and will help Eagle translate its business to a new market.
“I’ve already been meeting with some of Mississippi’s top manufacturers, and we’re heading to North Carolina in October,” Witcher said. “We’re getting positive feedback everywhere we go.”
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