Summary
Several executives shared their views about the challenges entrepreneurial finance and factoring companies face every day. Abrams & Co president Ivan Abrams said credit crunch has been quite significant since the first week of December. They have seen more deal flow in the past two months than in the previous 12 months combined. According to LSQ Funding chief sales officer Jim Quinn, at the end of the day, it's the recovery position that they are most concerned with. In the factoring business you need to have a very strong operations, monitoring and risk mitigation team. Factors Southwest managing member Robyn Barrett says they are constantly fighting image issues and constantly correcting people because people immediately think that if you say the word "factor" that a company is having cash-flow issues. The business world just assumes factors are the lender of last choice.
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Extract
Participations: A Slice of a Discussion
this corner of The Secured Lender invites you to eavesdrop on a conversation taking place between several industry players about a different hot topic each issue. Pull up a chair and get ready to find out how Ivan Abrams, Robyn Barrett and Jim Quinn see the current market and hear what they had to say about challenges entrepreneurial finance and factoring companies face every day.
Brian Cove, Editor-in-Chief, The Secured Lender: I'll kick things off with a question you probably have been asked quite often in recent months. What kind of impact has the credit crunch that we've been experiencing since last summer had on your businesses?Ivan Abrams, President, Abrams & Company: It has been quite significant since the first week of December. We have seen more deal flow in the past two months than in the previous 12 months combined.And I would say as an add-on to that, I actually think this has been a healthy occurrence for companies we are speaking to, because some of them were getting access to quick credit scored and real estate backed loans that were masquerading as business loans. When the money was easy, many companies did not pay attention to their underlyin...See the full content of this document
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