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COLUMBUS, OH -A division of Textron Financial Corporation, Finance Company Services ("FCS") has closed and begun funding under a $5 million asset purchase program with TWG Capital, Inc. FCS is a specialized financial service company focused on meeting the needs of the middle market, independent lending community.
Based in Indianapolis, Indiana, TWG is an early stage specialty finance company serving the needs of insurance agents, primarily those selling long-term care ("LTC") policies. TWG accelerates agent cash flows by purchasing future renewal commission streams owed to agents from insurance carriers, valuing these streams through the use of sophisticated actuarial models. This "discounting" of the future expected commission streams provides working capital for growth, can fund acquisitions or even allow agents to retire early.
The agreement with FCS will provide TWG additional financial firepower to enhance its ability to deliver its unique service to its clients. "TWG has created financial solutions to accelerate agents' income streams and FCS provides the raw material that enables TWG to do just that," said Jim Wallace, TWG President. "As the TWG Capital concept grows in popularity, so does our need for capital availability. Getting money out the door to agents is our business and FCS is helping us achieve that mission."
"TWG is a pioneer in the business of helping insurance agents and agencies monetize future expected cash flows," said Mark D. Quinlan, president of FCS. "We are pleased to partner with such an innovative organization."
About TWG Capital, Inc.
TWG is a financial service company dedicated exclusively to the needs of insurance producers. With 15 years of experience and originations in excess of $75 million, TWG is a resource to new, growing and well-established insurance producers nationwide. More information is available at www.twg-capital.com.
About Textron Financial Corporation
Textron Financial is a diversified commercial finance company with $9.1 billion in managed receivables and twenty-two years of record earnings. Its market-aligned businesses provide lending and leasing to small and middle market companies, as well as financial services that include asset management, syndications, portfolio servicing, and insurance brokerage. Textron Financial also provides specialty finance for the franchise, golf and timeshare industries. Additional information about the company is available at http://www.tfc.textron.com/.
Finance Company Services (http://www.financecompanyservices.com/),a division of Textron Financial, is devoted exclusively to companies whose raw material is money. Finance Company Services is headquartered in Columbus, Ohio.
Textron Financial Corporation is a subsidiary of Textron Inc. (NYSE: TXT), a $13 billion global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of over 68,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies" and Industry Week magazine's "Best Managed Companies." Additional information is available at http://www.textron.com/.
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