Interstate Capital Announces Formation of Community Reinvestment Committee

The Interstate Capital Group of Companies formally announced the formation of a Community Reinvestment Committee (“CRC”) and two recent financial commitments to El Paso-based non-profits. Tony Furman, company spokesman, reports Interstate Capital made recent major financial commitments to El Pasoans Fighting Hunger and the El Paso Holocaust Museum and Study Center.

El Pasoans Fighting Hunger (formerly the El Paso Branch of the West Texas Food Bank) transforms thousands of lives on a daily basis through the distribution of over 6.5 million pounds of food per year and provides nutritional education to the public.  “We feel an investment in the food bank serves our community at the most basic level,” explains Furman.

The gift to the El Paso Holocaust Museum and Study center takes the form of a Co-Presenting Sponsorship of the Museum’s upcoming presentation of Giuseppe Verdi’s Requiem, to be performed by the El Paso Symphony Orchestra and the UTEP Concert Chorale at the Plaza Theater in November 2014.

The museum educates the public, particularly young people, to honor those who perished in the Holocaust and those who survived and to teach  the importance of acceptance, tolerance, the value and dignity of human life, and the consequences of abandoning these principles. The museum hopes to raise $200,000 from the performance of the Requiem, according to Furman.

Through formation of its CRC, comprised of members of Interstate’s executive management team, Interstate Capital hopes to continue its culture of giving to the community in the future and create a legacy to which other local businesses can aspire. Interstate has provided hundreds of thousands of dollars of financial support in aggregate, to establish scholarship funds at The University of Texas at Austin McCombs School of Business, the University of Texas at El Paso College of Business Administration, and the UTEP Franchise Center as well as providing financial assistance for other causes. Other beneficiaries of CRC funds have included YMCA, YWCA, CASA of El Paso, Junior League of El Paso, Make-A-Wish Foundation, UTEP Athletics, Susan G. Komen Race For the Cure, the Braden Aboud Memorial Foundation, Homerun for the Homeless, and countless other non-profit, civic, educational, religious, and athletic organizations.

The Interstate Capital Group of Companies is a leading marketer of accounts receivable financing,  freight bill factoring, invoice factoring, fuel cards, freight matching, freight broker credit reports, property broker bonds, fuel advances, truck and trailer financing, freight brokerage and trade payable auction management. Founded in 1993, Interstate Capital has provided $ billions of funding for over 5,000 small businesses throughout the  U.S., Canada, and Mexico. Interstate Capital projects to purchase in excess of $1 billion of receivables annually within the next two years, earning it the distinction of being one of the largest privately held factoring companies in North America.  Interstate is a subsidiary of American Finance & Investment Co., Inc. (“AFIC”), which recently completed the acquisition of a 60,000 square-foot office building in central El Paso, where it and Interstate Capital plan to create or move 35 to 50 new jobs for El Pasoans over the next 18-24 months.

 

 

Interstate Capital Announces Formation of Community Reinvestment Committee

Interstate Capital Subsidiary Begins Alpha Testing Accounts Payable Auction Platform

BidPay_Logo_v1

BidPay, Inc. (” BidPay®”), a New Mexico-based supply-chain finance technology start-up announced today it has begun alpha testing live data in its reverse-factoring payable auction platform. BidPay®, a trade-payable auction management firm, is part of the Interstate Capital Group of Companies. BidPay® markets a proprietary, cloud-based SAAS portal that delivers spot liquidity to credit-constrained suppliers of the world’s leading companies.

BidPay® CEO, and inventor of the BidPay® technology, Tony Furman, has over 30 years of experience in the banking and supply-chain finance industries. Furman is co-founder and President of Interstate Capital Corporation, one of North America’s leading independent accounts receivable factoring firms, discounting nearly $1 billion of receivables annually for companies throughout North America. BidPay® is a subsidiary of Interstate Capital.

BidPay® clients are companies that have access to credit and capital markets and annual revenues in the $1 billion to $5 billion range (“buyers”). Suppliers of  BidPay® ‘s clients may bid on the right to obtain prompt payment on qualified receivables directly from the buyer, and obtain spot liquidity without the need for external financing.

“BidPay® is attempting to capture receivable discounting opportunities for a large segment of suppliers all over the world that are unable to obtain financing from external funding sources”, explains Furman. Many suppliers, domestic and foreign, are unable to borrow against or factor their receivables, or are otherwise cash or credit-constrained. BidPay® is hoping to fill the financing void for those companies by electronically gathering supplier discount offers for its clients in an on-line auction platform and managing payable auctions.

BidPay® clients earn above-market, risk-free returns on their own funds employed in the early retirement of trade payables. At the same time, credit-constrained suppliers enjoy a new, flexible, and cost-effective source of spot liquidity that reduces supplier dependency on restrictive, costly, and often unavailable external sources of financing. BidPay®‘s has U.S. and international patents pending.

Furman estimates that worldwide demand for payable auctioning is so vast, BidPay® will be unable to capture all of the demand. “BidPay® will either license its platform or enter into franchise agreements with third parties to market the technology when and if demand outstrips our ability keep pace”, Furman commented. He adds, “We are evaluating strategic options to maximize the value of our IP, business model, and experience”. The BidPay®  payable auction portal will be publicly visible when the company transitions to beta testing late in 2014. Parties interested in viewing a live demo or inquiring about future licensing and franchising opportunities should contact Ernest Eisenberg,  BidPay®‘s President and Chief Operating Officer, at eeisenberg@interstatecapital.com.

Interstate Capital Subsidiary Begins Alpha Testing Accounts Payable Auction Platform