MetroCorp blames $5 million charge-off on factoring fracas
We are confident that Mandi will play an important role in our continued expansion in the Eagleford Shale, Barnett Shale, and Permian Basin areas,” said Kraig Gunwall, Senior Vice President of Sales. “I am so excited to be part of the TCI family. I look forward to providing TCI’s working capital solutions to my existing customers and to other oilfield service companies throughout Texas,” said Mandi Groda. “We have a great deal of experience and understand the challenges associated with operating an oilfield service company in Texas,” said Kraig Gunwall, Senior Vice President of Sales.
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Ensure Quick Cash Flow with Catamount Funding’s Services for Invoice Factoring in Texas
It slid to $6.25 last Friday — an all-time low. Advantage Finance Corp., a MetroBank subsidiary, suffered at the hands of a longtime customer, MetroCorp says. The banking company contends Advantage Finance purchased accounts receivable that “were fabricated or inflated” by the customer, according to a June 1 MetroCorp filing with the Securities and Exchange Commission. MetroCorp claims the customer has acknowledged it documented false accounts receivable and sold them to the MetroBank subsidiary. The customer “apparently” provided “falsified corporate financial records” to Advantage Finance, MetroCorp contends.
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Keeping such unsolicited situations in mind, Catamount Funding is offering the most impeccable services for invoice factoring in Texas. The leading U.S. accounts receivables and factoring company now offers a comfortable flow of cash without accumulating any debts. The reason these services do not impose any debts on business owners is the process in which the unpaid invoices tied becomes cash instantly. The unpaid invoices actually are the credit worthiness of your customers, says a spokesperson for Catamount Funding and adds, So at the end, you can have fast access to your businesss capital by Catamounts immediate wire transfer of the Reserve Amount, less the agreed and very nominal Factor Fee to your bank. The Texas factoring services offered by Catamount Funding are ideal for small or medium businesses that do not wish to trap themselves in unnecessary hassles of loans, or credit cards.
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