FTRANS, a provider of complete accounts receivable and credit management solutions, has expanded its bank program, highlighted by new partnerships with Patriot Bank (Tampa, FL), One Georgia (Atlanta, GA) and Georgia Commerce (Atlanta, GA). Under the FTRANS bank program, financial institutions, particularly those increasing their commercial and industrial lending, are expected to benefit from the ability to diversify their loan portfolios, expand commercial lending, increase business and commercial deposits and reduce risk of commercial lending.
FTRANS bank has said that its partners can utilize front-end data from its credit scoring model to make better-informed decisions regarding the amount to lend against account receivables. This credit scoring model, which allows small businesses to eliminate the need to purchase blanket insurance on all of a business’s trade credit, also provides financial institutions with the transparent look into its customer’s assets and liabilities necessary for determining the lending percentage.
Scott Grutchfield, chief lending officer of Patriot Bank, said: Partnering with FTRANS is beneficial to both our bank and our small business customers. Providing access to capital and trade credit insurance are two essential components to ensuring stability and maintaining growth of our small business clients.
Dan Drechsel, CEO of FTRANS, said: Through partnerships with 37 financial institutions, we’ve helped hundreds of small businesses access millions of dollars in capital. We continue to be an attractive partner for banks that want to diversify their portfolios and increase lending opportunities that directly impact the growth of local small businesses.
Chuck Lewis, CEO of One Georgia, said: By formulating a partnership with FTRANS, we’re able to enact strategies that focus on customer acquisition and client retainage. FTRANS’ robust offering enables us to expand our commercial and industrial lending program.
