SANTA TERESA, N.M., Feb. 4, 2013 /PRNewswire/ -- Interstate Capital Corporation, a New Mexico-based accounts receivable factoring company, announced today preliminary results for the first six months of its current fiscal year, ended December 31, 2012. Factoring companies provide an outlet for growing businesses to raise working capital through the purchase of their clients' accounts receivable.
Interstate's President, Tony Furman, reported total factoring volume (receivables purchased) exceeded $300 million for the six-month period ended December 31, 2012, representing an 18% year-over-year gain. Gross fee income increased 17% during the same period. "In its 20-year history, Interstate Capital had never purchased more than a quarter billion dollars of receivables in any six-month period. I'm extremely proud of our sales and marketing team as well as our operations staff, both of which get credit for Interstate's extraordinary results," Furman commented.
"With our current growth trajectory, Interstate Capital is well ahead of its 5-year plan, unveiled last year, to factor $1.0 billion annually by 2017," Furman added. Interstate saw a 24% expansion of its business in its fiscal year ended June 30, 2012.
"The overall outlook for the factoring industry for the second half of our fiscal year remains strong, although I project downward rate pressure in the factoring space if banks begin easing credit standards for their borrowers," added Furman. Interstate Capital projects it will factor in excess of $650 million of receivables in the current fiscal year.
Interstate Capital is a member of the International Factoring Association (IFA) and the Transportation Intermediaries Association (TIA), and is accredited by the Better Business Bureau.
Media Contact: Tony Furman
Telephone: (800) 422-5995
SOURCE Interstate Capital Corporation