First Capital Factors boost Cornish presence
National factoring firm First Capital Factors has opened a new office in Truro.
The firm was established seven years ago and since opening the company has steadily expanded. They opened their second office in Exeter in 2014.
Martin Austin, managing director, First Capital Factors, said: “The opening of our office in Lemon Street, Truro confirms our commitment, not just to the South West, but Cornwall in particular. We feel that Cornwall is often marginalised and overlooked by financial institutions who feel they can “manage” the region from Bristol. No other invoice finance company has an office in either Cornwall or Devon”.
First Capital Factors advances money against outstanding business-to-business invoices, bridging the gap between raising the invoice and the customer payment, which can often be in the region of 60 days.
Austin added: “We focus solely on owner-managed businesses with turnover of up to £1m, a sector that is poorly served by Banks. We are looking to significantly increase the number of our Cornish clients and our Truro office will help us become a key part of the business community”.