Goodman Capital Finance

Overview

Goodman Capital Finance is based at 3010 LBJ Freeway in Dallas, Texas. Its footer lists offices in Dallas, Austin, Chicago and Charlotte. The company says it serves businesses throughout the United States.

The business started in 1972 as Goodman Factors. Its history page calls it one of the oldest specialty lenders in the United States. According to the timeline on its about page, long-time managers bought the business in 2002. In 2014, Independent Bank acquired it. Independent Bank is a community bank founded in 1998 with 10 branches in the Memphis area. Goodman's team page says the two "joined forces in May of 2014." Goodman operates under its own name with its own credit and sales teams, as a division of the bank. An ABF Journal report on the 2019 rebrand said the bank ownership added to Goodman's capital base and lowered its cost of funds.

In 2018, Goodman hired two former Wells Fargo Business Credit executives to build an asset-based lending platform. In 2019 it changed its name from Goodman Factors to Goodman Capital Finance. The company says the new name reflects a broader product line. Its copyright line still reads "Goodman Factors."

The homepage says the company has funded more than $10 billion since inception. It says some employees have been with the company for more than 40 years. The about page cites an average employee tenure of over 10 years and more than 200 years of combined management experience. The management page lists an executive vice president who joined in 1992 and a portfolio manager who started in 1995.

Services

• Invoice factoring. Goodman buys the invoices a client chooses to sell and collects payment from the client's customers. Its factoring page says clients have "the freedom to select the invoices you sell us." Its FAQ answers "Do I have to factor all of my invoices?" with "no." The homepage says Goodman won't make clients sell it accounts they can't depend on.
• Customer credit checks. The factoring page promises a "free credit evaluation on your customers." It also says factoring involves "no credit checks," which refers to the business owner's credit.
• Asset-based lending. Goodman offers revolving lending against receivables and inventory. Details are in the table below.
• Client portal and account management. Clients get a web portal that shows open invoices, payments, availability and reserves. Each client has a dedicated account executive.

Industries served

The history page says Goodman's deepest experience is with retail-directed manufacturers and distributors, such as electronics, apparel, accessories, gifts and home furnishings. The site has dedicated pages for:

• Apparel and consumer goods
• Business services
• Distributors
• Manufacturing
• Oilfield services
• Staffing
• Transportation

The about page also names government contractors, printers and temporary staffing firms among past clients. The transportation page does not mention fuel advances, a fuel card or a load board. Goodman's page for bankers says it also works with startups, companies with customer concentration, businesses with past losses and companies in or near Chapter 11.

Published terms

The FAQ says factoring rates generally depend on invoice size and the credit risk involved. Its example has Goodman paying 90% upfront and collecting the full amount from the customer. The site does not list wire, ACH, lockbox or processing fees, or a timeline for returning reserves. Its contact page describes a "straightforward contract." The pages that mention contract terms are written for referral partners (freight brokers and bankers). On speed, the about page and homepage promise same-day funding for active clients. The factoring FAQ says approval takes 24 hours after Goodman has received the invoices.

How to apply

Goodman says a business should sell on terms of net 30 days or longer. The homepage and about page give a target range of $10,000 to $10 million in monthly sales or funding requirements. The homepage describes a three-step process that ends with money wired the same day. The prospective client form asks for:

• An accounts receivable aging
• Customer lists
• Bank details
• Disclosure of any tax liens, judgments or prior factoring relationships

The company says there is no application cost.