Eagle Capital Announces Low-Cost Funding Program
Eagle Capital, an accounts receivables factoring company with deep roots in the transportation industry, announced a new funding program to serve the furniture industry.
Eagle launched this new effort with the aid of a new account representative with deep roots in the furniture industry.
Stefan Witcher, 39, joined Eagle in August after spending “a lifetime” in the furniture industry. His past positions include long stints with Culp Fabrics and Quaker Fabric Corporation. His father recently retired as an executive at Lane Home Furnishings; his brother still works there.
“I joined Eagle because (Eagle President) 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.”
Eagle Capital’s business model is structured around easy, low-cost funding for growing businesses without the long-term hassle 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, Estess said Eagle 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.”
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.”
About Eagle Capital: Eagle Capital Corporation purchases the accounts receivables of growing companies who need an alternative to traditional bank financing, a process called factoring. Eagle’s clients work in every industry, from construction to security to transportation, and depend on Eagle to be a trusted financial partner. To find out more, visit www.eaglecapitalcorp.com.
Furniture World is the oldest, continuously published trade publication in the United States. It is published for the benefit of furniture retail executives. Print circulation of 20,000 is directed primarily to furniture retailers in the US and Canada. In 1970, the magazine established and endowed the Bernice Bienenstock Furniture Library (www.furniturelibrary.com) in High Point, NC, now a public foundation containing more than 5,000 books on furniture and design dating from 1620. For more information contact firstname.lastname@example.org.