After two years of unprecedented growth, the Santa Teresa-based Interstate Capital Group of Companies is expanding and opening offices in central El Paso this month. A portion of the company’s workforce will move from its Santa Teresa headquarters to El Paso by the end of November and company leaders plan to hire additional personnel later this year and into 2015.
The expansion and move to El Paso come after the company’s most successful month in its history. In October 2014, Interstate signed 46 new clients and disbursed $83 million of growth capital, representing a 29% year-over-year growth rate. Interstate’s October funding volume equates to non-seasonally adjusted $1 billion of annual funding volume.
“It takes a lot of dedicated people and physical space to service our client base and to maintain double-digit annual growth,” says Furman. “Last year, we realized we would have to acquire additional space to accommodate our growing workforce.”
The company has secured space at 2211 E. Missouri Avenue in central El Paso, with an option to acquire more space in the same building to accommodate its future growth needs. “We plan to relocate several departments to 2211 E. Missouri later in November when tenant renovations are complete,” Furman adds. “Eventually, I believe we will employ over 100 full-time people in our new El Paso location.”
Interstate’s new space, which will serve as an operations center and outbound call center, is less than a mile east of Downtown. “After searching for a location for over a year, we sought out 2211 E. Missouri (Gateway West) because of its proximity to the growing number of attractions in the Downtown and Kern Place districts,” says Furman. The office building sits within minutes of all the major El Paso healthcare facilities, UTEP, Basset Place, The Fountains at Farah, and Southwest University Park. “We believe our employees, who live in all parts of the Borderplex, will enjoy the great location and its easy access to the freeway.”
According to its five-year plan published in 2012, Interstate projected to reach $1 billion per year in funding volume by fiscal 2017. An accelerated rate of growth in 2013 and 2014 put Interstate well ahead of plan. “Our five-year plan was very conservative and assumed zero increase in our three-year trailing historical growth rate,” reports Tony Furman, Interstate Capital president. “Our revised objective is to disburse more than $1 billion annually by fiscal 2016 or sooner.”
The company’s growth rate during the past two years is attributable to the success of several maturing strategic marketing initiatives, including its proprietary web-based lead generation technology and increasing numbers of referrals from more than 6,000 past and current clients.
Interstate Capital, founded in 1993, has become one of the largest employers based in Santa Teresa, New Mexico. Its clients include small- and mid-sized manufacturers; wholesalers; oilfield suppliers; transportation companies, and service businesses located throughout North America. The privately held company markets working capital financing, surety bonds, logistics services, and supply chain finance technology. Interstate also developed and owns the world’s largest free transportation load board, FreeFreightSearch.com.
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President, Interstate Capital Group of Companies