AUSTIN, Texas, Aug. 4, 2023 /PRNewswire/ –1st Commercial Credit, LLC is delighted to announce the resounding success of its referral program, which has attracted a diverse range of factoring companies and small asset-based lenders. With over 12 participants benefiting from the program, the total referral commissions have reached an impressive milestone of over $1 million. Notably, a single factoring company has achieved an exceptional sum of over $600,000 in earned commissions, underscoring the program’s potential for ongoing growth and partnership expansion. This remarkable achievement is greatly attributed to the leadership of Raul Esqueda, President of 1st Commercial Credit, LLC, and Managing Partner of four other factoring companies including a purchase order finance company, collectively known as the 1st Commercial Credit Factoring Group.
1st Commercial Credit proudly celebrates two decades of excellence as it reaches its 20-year milestone in the business. Established in 2001 as a referral/broker agency, the company quickly built enduring partnerships with factoring companies across the United States, Canada, and the United Kingdom. In 2008, 1st Commercial Credit took a significant leap by establishing direct lending relationships, a move that has propelled its growth exponentially. Today, the company has expanded to encompass four factoring companies throughout the United States, successfully managing over $600 million annually in accounts receivable factoring transactions.
Raul Esqueda highlights the win/win potential of the company’s factoring referral program. Addressing concerns that some factoring companies may have reservations about referring clients to competitors, Esqueda emphasizes the mutual benefits for all parties involved.
According to Esqueda, each factoring company has unique approval parameters that cater to specific industries, sales volumes, concentration limits, debtor credit risk exposures, applicant credit quality, merchant cash advance exposure, and invoice verification processes. As such, certain clients may not align with a particular company’s criteria. By participating in the referral program, factoring companies can confidently refer these clients to 1st Commercial Credit without any financial burden to the applicants. The referral commissions offered are drawn from the company’s marketing budget and do not incur additional charges to the clients.
Esqueda highlights the advantages for clients, as they can swiftly access funding through the most suitable finance company. This collaborative approach fosters a win/win situation, ensuring smooth transactions and optimal outcomes for both factoring companies and their clients. In today’s factoring market, the cost of customer acquisition has nearly tripled compared to a decade ago, making it crucial for factoring companies to seize opportunities by reciprocating and referring clients to other factors. 1st Commercial Credit has reciprocated to other factoring companies and lenders since its inception.
Over the years, 1st Commercial Credit has established itself as a leading player in the factoring industry, driven by its commitment to delivering unparalleled financial solutions and fostering enduring relationships with clients and partners alike.
For more information about 1st Commercial Credit’s factoring referral program and financial services, please visit https://www.1stcommercialcredit.com/about
SOURCE 1st Commercial Credit, LLC
