Monthly Archives: June 2015

Mid-tier Irish companies receive €500m in invoice finance

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Irish companies with a turnover or up to €5 million received €500 million in invoice finance in the first quarter of this year, according to new figures.

The Asset Based Finance Association (ABFA), the body representing the invoice finance industry in the UK and Ireland, released the figures.

Companies with a turnover of €5 million or less accounted for 40 per cent of all funds advanced via invoice finance in quarter one.

Invoice finance is an alternative to traditional lending products in which businesses borrow money based on amounts due from customers. It helps businesses improve cash flow.

The sales turnover generated by Irish companies using that type of finance grew 12 per cent in the same period, ahead of the four per cent growth seen in the UK.

The figures also showed that more mid-tier companies are using invoice finance, as companies in the €1 million to €5 million bracket increased by seven per cent.

While companies from a variety of sectors utilise it, there was an increase in manufacturing sector companies using invoice finance in the first quarter of the year.

UNMC Names Interim Vice Chancellor For Business And Finance

DebThomasDeb Thomas has been named interim vice chancellor for business and finance at the University of Nebraska Medical Center effective July 1. Thomas, currently a senior associate vice chancellor, has been with UNMC since 2006 when she joined as associate vice chancellor for finance and business services.

“Deb Thomas is a consummate professional who has been involved in all aspects of the business and finance department,” said UNMC Chancellor Jeffrey P. Gold, M.D. “While it is difficult to replace Don Leuenberger, with his nearly 30 years of experience in this role, I’m pleased that Deb will be in this interim leadership role. With her intimate knowledge of the department and the help of her committed and innovative colleagues, I know the department will continue to run in its usual efficient and effective manner.”

In her role as senior associate vice chancellor for business and finance, Thomas oversees the finance and business infrastructure for the campus including: general accounting; sponsored programs accounting; purchasing and material services; recycling; student housing; mail services; printing, risk management; real estate rental and acquisition; and the campus bookstore.

“I have a deep and abiding passion for UNMC, its mission and the people,” Thomas said. “I am tremendously humbled to be asked to fill Don’s shoes, but looking forward to working with amazing colleagues on exciting projects and opportunities.”

Thomas credited Leuenberger, who had been vice chancellor of business and finance since 1988, for his impact on UNMC.

“Don has been the mortar that held UNMC together during its explosive physical growth and reputational ascendancy over his three decades of service,” Thomas said. “But more importantly, he is brilliant at assessing strategic opportunities to invest in, and many of those drove the growth and ascendancy.”

Before joining UNMC, Thomas spent seven years as the assistant vice president for administration for the University of Nebraska, Central Administration. Her career also includes more than 20 years in state government, including serving as policy secretary for the Nebraska Health and Human Services System, director of the Department of Administrative Services and director of several individual agencies within the Health and Human Services System, including Medicaid for both Republican Gov. Kay Orr and Democratic Gov. Ben Nelson.

Thomas graduated with a bachelor of science degree in chemistry from Illinois State University and earned a master of public administration degree from the University of Nebraska at Omaha.

Toyota finance firm chose Dallas HQ after looking at other U.S. locations

cypresssignToyota Industries Commercial Finance Inc. picked Dallas for its new headquarters after looking at potential locations in other U.S. cities.

The finance company of Japan’s Toyota Industries Corp. was set up last year and is locating its head office in the Cypress Waters development near LBJ Freeway and Belt Line Road.

The international commercial finance operation picked North Texas for the office because of the potential to grow business and recruit workers, a spokesman for the firm said. The Dallas location is also close to the company’s distributors and dealers.

“This is an incredible opportunity for our commercial finance business to benefit from all that the greater Dallas area has to offer while taking advantage of new growth channels both domestically and internationally as we create a premiere global brand in the commercial financial services industry,” Norm Creveling, President and Chief Operating Officer of Toyota Industries Commercial Finance, said in a statement. “As Toyota moves to the greater Dallas area, TICF wants to be a part of the exciting things that will be happening.

“We’ve received a warm welcome and are optimistic about our future and look forward to tapping into the great talent pool as we build our global business.”

The 60,000-square-foot office will house more than 150 employees when it opens at the end of this year.

Most of the firm’s workers are now in Torrance, Calif. “All employees were offered positions at the new location and a generous relocation package,” the company spokesman said.

The firm handles financing of vehicles and equipment made by Toyota’s industrial almost 90-year-old Toyota Industries – a sister company of Toyota Motor Corp.

Toyota Motor is relocating its North American headquarters from Torrance to a new campus now under construction in Plano. About 5,000 people will ultimately work in the more than 2 million square-foot office complex.

Dallas’ economic development committee voted Monday to provide a more than $277,000 economic development grant to help secure the Toyota finance operation. Toyota will rent the offices at 8951 Cypress Waters Boulevard for seven years with options for another 10 years of occupancy.