First Business Financial Services announced that through its asset-based lending company, First Business Capital, it has entered the factoring business with the hiring of a team of three experienced factoring professionals. The business will operate as First Business Factors and will operate from its primary location in Des Plaines, IL.

Gail Heldke has been named senior vice president and division manager of First Business Factors and Robbin Salvage and Jorge Varela, previously affiliated with Working Capital Solutions have joined First Business Factors as Vice President-Operations Manager and Account Manager, respectively.

Corey Chambas, president and CEO, of First Business Financial Services, "FBFS has been looking at entering the factoring business for some time. Factoring is an effective financing alternative for young, growing, emerging companies that have solid collateral, but lack other attributes to qualify for conventional financing. First Business, through our other banks and subsidiaries, currently provides traditional bank loans, equipment loans and leases, asset-based loans, treasury management services as well as trust and investment services. With the addition of First Business Factors and its skilled team of factoring professionals, we are now capable of providing an additional financing option for privately held businesses at another stage in their development."