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DSA Factors stepping up furniture factoring activity

Finance company DSA Factors is looking to step in where GE Capital Solutions is stepping away.

The small Chicago-based factoring company said it is “in talks with several GE accounts to replace the giant mega-corporation” in its capacity financing industry receivables.

Earlier this month, GE Capital said its Commercial Distribution Finance division was reducing its unsecured inventory financing exposure to the furniture industry, citing “current economic and market conditions.”

GE declined additional comment on how much of a cutback it was talking about and how many companies are affected, but said it was no longer offering new credit lines under the program and was “evaluating all existing customers,” giving them “reasonable time frames to find other lenders.

Sources have told Furniture/Today that GE was giving furniture companies 60 days to find alternative financing, a move expected to put some retailers in at least a short-term cash flow bind considering the negative approach lenders are taking on furniture inventory valuations these days.

“We are in a good position to expand rapidly and to fill the void created by the retrenchment of so many other banks and financial institutions,” said Richard Peck, DSA’s founder and CEO.

DSA also announced that it has secured its first contract with a Chinese upholstery manufacturer — Malss Noble, owned and operated by Zhong Rui. In addition to U.S. clients, DSA also has clients in Canada, Mexico and Italy.

Tags: alternative financing, banks, canada mexico, capital solutions, ceo, commercial distribution, cutback, decline, distribution finance, factoring company, finance company, finance division, financial institutions, fir, first contract, furniture, furniture co, furniture companies, furniture industry, furniture inventory, ge capital, irs, italy, mega corporation, negative approach, old furniture, onside, retrenchment, richard peck, upholstery, upholstery manufacturer, urn, wh

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