Textron Financial's Finance Company Services Finalizes $5 Million
Asset Purchase Program WithTWG Capital, Inc.
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/.