Interstate Capital Announces 23 IFA Factoring Companies Registered To Use Free Credit Report Service

EL PASO, TX February 18, 2014 Interstate Capital President, Tony Furman, announced that 23 factoring companies have signed up for its free credit reporting service offered by its subsidiary, Check Freight Broker, LLC.  (“CFB”).  Interstate Capital is a transportation factoring company formed in 1993 that funds nearly $1 billion per year of freight bills annually for thousands of motor carriers.  In May 2013, Interstate announced a program for factoring companies seeking to reduce credit expenses by providing them with free unlimited access to its proprietary database containing Interstate’s first-hand collection experience with tens of thousands of freight brokers.  Interstate Capital’s database contains millions of transactions spanning over 20 years. Since announcing its availability, 23 factoring companies have enrolled in the free program.

Interstate’s collection histories with freight brokers are published in searchable freight broker credit reports on CFB’s website,  CheckFreightBroker.com, the world’s largest free freight matching site (load board). Internet load boards, also known as freight matching sites, are used by thousands of truckers to find freight in locations they have empty capacity. Available freight is posted on load boards electronically by shippers and freight brokers seeking trucks with excess capacity.

Most load boards charge subscription fees to access their sites, in some cases, thousands of dollars per year.  CFB uses an advertiser-supported model, so site access is 100% free for registered members.  CFB has posted over 40 million truckloads of freight and has over 15,000 registered motor carrier members.

Among CFB’s many features is free unlimited access to Interstate’s extensive collection experience with tens of thousands of freight brokers. Interstate Capital is the only factoring company known to share valuable proprietary collection data publicly with its peers and motor carriers, 100% free of charge.  The only eligibility requirement a factoring company must satisfy is that it be a member of the IFA, an industry trade association that counts hundreds of factoring companies as its members.  CFB does not request or accept credit or collection data from third parties to ensure 100% control over the accuracy and timeliness of data displayed on the site.

Interstate Capital Acquires Office Space And Moves Jobs From New Mexico To El Paso

Interstate Capital, a local commercial finance company, announced earlier this month that its parent company, American Finance & Investment Co, Inc. (AFIC), has acquired a  60,000 square-foot office building in El Paso fronting I-10, between Piedras and Cotton Streets. Interstate plans to sign a lease and become one of several major tenants in the building, relocating approximately 25 full-time positions from its offices in New Mexico to the 3-story office building in central El Paso. According to Furman, “Interstate is committed to leasing a large space on the building’s third floor, and will make an investment in renovating its interior space and upgrading technology and telecom infrastructure”.

For the past 21 years, Interstate has been a fixture in Santa Teresa, where it first occupied the space now housing a Subway sandwich shop on McNutt Road.  In 1999, Interstate expanded into a 7,000 square-foot office building located next to the Wells Fargo Bank branch on Country Club Road.  “When we built that building, it was intended to house a fraction of employees we now employ in Santa Teresa”, explained Furman. We had a few tenants which, over the years, were displaced by Interstate’s growing workforce.

AFIC spokesman, Ernest Eisenberg, reports that AFIC also plans to relocate employees from its Yandell office to the newly acquired building. While Interstate Capital’s corporate headquarters and executive management team will remain in New Mexico, future employment growth will take place primarily in El Paso, where Furman estimates Interstate Capital will eventually employ more than 100 full-time persons. The move by Interstate Capital to El Paso will not displace any current tenants.

Eisenberg is in negotiation with a large prospective tenant to take most of the rest of the available space.  “For us, the location is ideal because we and our tenants can zip on or off Interstate-10 right into the covered parking lot, and, depending on traffic,  it’s only a three- to six-minute drive to all the major medical complexes, UTEP, Fort Bliss, courthouses, Southwest University Park, the Fountains at Farah and our quickly transforming Downtown. I think our employees and our tenants will appreciate the building’s close proximity to everything that makes El Paso great, ” Eisenberg added. AFIC is hoping to have the building renovations completed in early 2015.

When completed, the building will be a more prominent fixture on the freeway, immediately east of Downtown, will be more visually attractive, and will be home to financial institutions, professional offices, and a radio station, among other businesses. According to Furman, “The acquisition of the building fulfills our group’s long-overdue need for more space for our continually growing workforce. The acquisition of this building will benefit our company and the El Paso economy. The Interstate Capital Group of Companies employs approximately 80 full-time employees, 60 of whom presently work in its Santa Teresa, New Mexico office.

The Interstate Capital Group of Companies is a leading marketer of accounts receivable and freight bill factoring, fuel cards, freight matching, freight broker credit reports, property broker bonds, fuel advances, truck and trailer financing, freight brokerage and freight payable auction management services. Founded in 1993, Interstate Capital has provided $ billions of funding for over 5,000 motor carriers and other small businesses in the U.S., Canada, and Mexico. Holding its current rate of growth constant,  Interstate Capital projects to purchase in excess of $1 billion of receivables annually within the next two years. AFIC will celebrate its 70^th year in business in 2016.

Interstate Capital Corporation

Tony Furman, President

(915) 525-2705

tfurman@interstatecapital.com