The customer was a privately held, nationally regulated electronics and universal waste recycler–including hazardous components and other materials–with processing facilities in multiple locations throughout the US.
Although in business since 2000, the Company was under relatively new ownership, had no financial audit, and possessed aging equipment. To improve its operating efficiency and to regain its competitive edge in the market, the Company needed to acquire new, state of the art and compliant recycling machines for two facilities. They did not have the capital to acquire the equipment, let alone pay substantial deposits over an extended installation period. The acquisition and subsequent finance of the new equipment was critical to its continued operations and profitability.
First National listened to client needs and gained a full understanding of its financial and operational challenges. Without the equipment financing/leasing, the client would suffer from an inability to compete for business with production inefficiencies leading to uncompetitive pricing. With only internal financial statements, First National provided the client a very competitive rate and structure that enabled them to manage their cash flow during the installation period. First National worked directly with the manufacturer/supplier of the equipment to ensure the project stayed on track in terms of timing and timely payments–all of which were critical to getting the equipment up and running for the customer. The client was able to focus on running their business while First National handled everything else.