FirstCorp Celebrates First Quarter-Century as Leader in Small Ticket Leasing

MORTON GROVE, Illinois, The FirstCorp Division of IFC Credit Corporation yesterday announced the celebration of its twenty-fifth year in business. IFC Credit acquired the FirstCorp trademark when it bought First Portland Corporation in 2003, according to John Estok, president of IFC Credit's Small Ticket Group.

“Twenty-five years is indeed a lifetime in the leasing industry, and we're proud to have contributed to the ongoing success and longevity of a name like FirstCorp during this time period,” says Estok. IFC Credit is marketing its small-ticket business under the FirstCorp name today, according to Estok, and this business represents about 70% of IFC Credit's business volume activity.

FirstCorp traces its roots to the 1981 founding of First Portland Corporation in Portland, Oregon, where that company started writing small ticket and vendor leases. Founding partners Len Ludwig and Arthur Levinson focused First Portland Corporation almost exclusively on small-ticket vendor leasing and soon gained a strong reputation within the small-ticket leasing arena. After 15 years and recognizing that the name First Portland Corporation was being viewed increasingly as tied just to Portland, Oregon, the company registered its trademark FirstCorp in 1995. In 2003, First Portland Corporation was sold to IFC Credit Corporation, and IFC Credit has since continued to position its small ticket business under the FirstCorp brand.

According to IFC Credit President and CEO Rudolph Trebels, FirstCorp's focus on small-ticket funding was a perfect match for IFC Credit, which had long focused on small to mid-market leasing and vendor leasing.

“When we acquired FirstCorp, we knew the company would be a good fit. I think when we put the two together, we were able to make one plus one equal three.” According to Trebels, the FirstCorp brand was widely recognized as a leader in the small-ticket arena, and IFC Credit recognized that it could fully utilize that strong reputation while allowing the company to continue to grow within the IFC Credit family. Trebels notes that a $75 million conduit credit facility combined with IFC's other credit facilities provided additional funding advantages for the combined companies.

“There's a strong synergy inherent between small ticket and middle market. IFC Credit was actively involved in both, while FirstCorp was recognized just in the small ticket market. When you combine the two, they help one another,” explains Trebels.

According to Estok, small ticket transactions today account for approximately 70% of the business volume activity of IFC Credit, and of the 115 employees of IFC Credit, approximately 100 of them directly support the small-ticket business of the company. “That's definitely our main focus at IFC Credit.” Estok adds, “We're on a track to grow our business by 20% to 25% per year. Historically, the small ticket business has been a pretty vibrant one.”

About FirstCorp

FirstCorp, a division of IFC Credit Corporation, is a Morton Grove, Illinois-based capital equipment leasing firm dedicated to providing superior, innovative financial services to small and medium-size businesses throughout the United States. IFC's services are offered on a direct basis to middle market businesses and indirectly through its FirstCorp vendor services group and its third-party funding services unit, Pioneer Capital Corporation.