Express Freight Finance announced the nationwide launch of its freight-bill factoring services for truck fleets, owner-operators, and freight brokers.
“Small carriers and brokers would rather focus on moving freight and growing their business than managing receivables and collections,” said Dan Hadley, chief executive officer of Express Freight Finance. “Because we’re 100% dedicated to trucking and understand the realities of the business, we have committed resources that allow us to deliver a funding decision in minutes and cash as quickly as that day.”
Express Freight Finance said it is launching with an initial capital base of more than $30 million and is backed by Adelphi Capital, a merchant bank with a strong track record of equity investment in factoring and other financial services for transportation companies in the United States.
Express Freight Finance requires no long-term contracts, up-front costs, or fees to terminate the factoring agreement. “We view our relationship with clients as a partnership,” CEO Dan Hadley said. "We’re committed to helping them leverage the value of their invoices into working capital today, when they need it, at a competitive rate."