Defiance, Ohio — Credit Adjustments, Inc. (CAI), a nationally-operated collection agency, has announced it has received U.S. Small Business Administration-backed financing from Huntington Bank, effective November 2010. This transaction enables the firm to expand operations with current clients, restructure debt at more favorable terms, and have funds available to react quickly as growth opportunities present themselves in higher education, healthcare, and other creditor markets in 2011 and beyond.
Notably, this transaction gave CAI the additional financial wherewithal needed to withstand the financial pressures associated with performing as a subcontractor for a Private Collection Agency (PCA) now serving the U.S. Department of Education (ED) on its collection agency contract. CAI projections for its work as an ED subcontractor are trending favorably, identifying CAI as a front-runner for a small-business set aside award from ED in its next procurement, slated for 2013.
The transaction also positions CAI to continue to grow its healthcare recovery operations in bad debt collection, early-stage receivables management, and eligibility services, while also enabling the firm to pursue various other markets for new business.
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