Credit Adjustments Inc. (CAI), a Defiance, Ohio-based collection agency, has received U.S. Small Business Administration-backed financing from Huntington Bank that will help it expand operations, restructure debt at better terms and react to growth opportunities in higher education, health care and other creditor markets, according to company officials. Details of the financing were not released.
CAI is a subcontractor for an agency handling a U.S. Department of Education contract. CAI's projections for that work are "trending favorably, identifying CAI as a frontrunner for a small-business set aside award [from the Education Department] in its next procurement," set for 2013, according to company officials.
The latest transaction also positions CAI to grow health care collections, early-stage receivables management and eligibility services, while helping the firm pursue new markets for business, says CAI Chief Executive Michael Osborne.
Huntington Bank Business Banking Market Manager Jeremy Gutierrez, adds, "Small businesses are the backbone of our communities, and our goal is to help them drive our economy forward. We’re proud to help CAI overcome its unique challenges and provide this growing company with the working capital it needs to continue its success."
