General Credit Corp. Tuesday announced that it has obtained a $3.6 million line of credit with Sterling National Bank. The company will utilize the new line of credit to pay off its previous credit line. With the lower interest rate provided by the new credit facility, the company anticipates annual interest expense savings of approximately $200,000.
Irwin Zellermaier, chairman and CEO of General Credit Corp., commented, “We expect to realize meaningful cost savings through this new credit facility.”
The company also announced that it has opened its fourth check factoring facility, in Williamsburg, Brooklyn an area currently underserved in this capacity. Zellermaier noted: “Commercial activity is strong and growing in Williamsburg, making it an ideal market for our check factoring services. We look forward to working closely with local business owners through our new office.”
General Credit Corp. provides working capital financing to its customers through the discounted purchase of checks (commonly referred to as “check factoring”) and credit card receivables generally on a non-recourse basis with respect to its customers except to the extent of forged signatures on and stop payments of the purchased checks.Details