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Q&A with Rich Voreis, CEO of Marquette Transportation Finance






We recently sat down with CEO of Marquette Transportation Finance Rich Voreis to talk about the company’s 15-year anniversary and their approach to working capital financing. Check out the below Q&A to learn more about the company and its evolution.

Tell us about Marquette Transportation Finance and how did the company started? 

We are industry leaders in providing working capital financing to companies as an alternative to traditional bank financing. We help businesses do several things such as:

  • Drive growth by improving working capital
  • Fund acquisitions and recapitalizations
  • Improve liquidity
  • Fund restructures
  • Serve as a bridge lender until a company is able to receive traditional bank financing

We opened the doors to Marquette Transportation Finance (MTF) in September 2002. The story to how we got there is very interesting. Initially, I worked for Marquette Financial Companies, at the holding company level. After several years, I left to join a transportation finance company. When the company was sold, Marquette asked me to come back and start a transportation finance company for them.

Marquette Transportation Finance has been providing working capital financing for 15 years.

In 2002, we had five people working for us and closed our first deal in October of that year. At the end of 2003, we started our 10-year growth trajectory. As of June 30 this year, we reported $160.7 million in factoring balances with an average balance for the quarter at $155.5 million. Factoring is a volume business and the receivables are often more important than outstanding balances. In our fifteen year history we have purchased approximately $15 billion in receivables.

Along the way, we added Marquette Commercial Finance to the family, and we merged the two together in 2012 to become one large subsidiary of Marquette Financial Companies’ Meridian Bank. In 2015, Marquette was acquired by UMB Financial Corporation, which is where we are today as we get ready to celebrate our fifteenth anniversary.

How has the industry changed?

Our industry and working capital financing has experienced a great deal of change over the past 15 years. First and foremost, the biggest change has been technology. Since we deal with large trucking companies that are delivering products, daily we received reams of paper to support our purchase of our client’s receivables. Each day we would receive an overnight package from every one of our clients containing this paperwork. Today, we do everything electronically, which allows us to be more efficient and standardized in our processes.

We have also seen a lot of change with our competitors and pricing. Initially, the competition was relatively small, but now more banks are adding a factoring division to their offerings. We also have to stay competitive with our pricing and rates, which is directly impacted by what’s happening economically. As we continue to rebound from the recession, we are experiencing more competition in this area.

However, we do feel our service and experience continues to be a differentiator for us. As both our company and the industry continue to grow and evolve, I’m excited about the opportunities we have in offering our clients the best service possible with the best products in the market.

What does the future hold for MTF?

I believe we have a lot to look forward to in the coming years. We are thrilled to be a part of UMB, because now we are able to offer even larger financing to our clients. With UMB’s support, we have been able to expand our working capital financing offerings and use all the resources that come with UMB’s breadth and expertise.

It is truly an exciting time to be a part of Marquette Transportation Finance. I can’t wait to see what the next 15 years holds for us.

Interested in knowing more about Marquette Transportation Finance? Contact us to learn how we are uniquely positioned to meet the financial needs of the transportation.
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Marquette, a subsidiary of UMB Bank, n.a. located in Bloomington, Minn., is a leading provider of accounts receivable financing solutions, serving companies with annual revenue from $2 million to $400 million. Marquette assists companies in meeting their working capital needs to drive growth, fund acquisitions, improve liquidity and fund restructures. Marquette is small and nimble, which allows it to control how it manages and offers its services, yet it’s also backed by the strength of its parent company, UMB Financial Corporation, which allows the company to extend larger financing packages.

 

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