California DFPI Grants 1st Commercial Credit Commercial Lender License
PRNewswire/ -- 1st Commercial Credit, LLC has received approval from the California Department of Financial Protection and Innovation (DFPI) as a licensed California Finance Lender [CFL] under the California Financing Law. The approval authorizes the company to provide commercial (non-consumer) financing solutions to businesses operating throughout the State of California.
Obtaining a California Financing Law license represents a significant regulatory milestone for the company. Due to California's strict licensing standards, disclosure requirements, and ongoing compliance obligations, many factoring and commercial finance companies have elected not to pursue licensure. As part of the approval process, 1st Commercial Credit established a registered California foreign entity and implemented enhanced internal compliance procedures designed to align with the state's regulatory framework.
1st Commercial Credit specializes in accounts receivable factoring and receivable-based working capital solutions, serving credit-term-driven industries such as staffing, security services, manufacturing, importing and distribution, and government contract receivables.
Full Press Release
https://finance.yahoo.com/news/california-dfpi-grants-1st-commercial-114500288.html