July 2017 – Monterey Increases Line with Wells Fargo
Monterey Financial Services is pleased to announce that it has obtained an increase of $5mm to its $25mm revolving credit facility with Wells Fargo Preferred Capital. Monterey's new $30mm line also comes with an additional $10mm option, for $40mm total capacity. This extension of commitment confirms the strength of the relationship Monterey has established over 6 years with Wells Fargo Preferred Capital, and now 14 years with Wells Fargo overall. With an additional $28mm in capital investments in its associated company, Monterey Receivables Funding, Monterey now has nearly $90mm in total capital capacity to purchase consumer receivables while the company continues to expand its client base in a wide variety of industries.
February 2017 - Monterey Completes Acquisition
Monterey is pleased to announce the acquisition of FirstLine Financial. Based out of Virginia, FirstLine has been a leader in the home cleaning accessory market for the past 12 years, and now Monterey will be able to bring more capital, technology, and accounts receivable expertise to an already profitable business. With over 100 distributors such as Kirby, Rainbow, Pro-Aqua and Hyla, the acquisition will add further diversification and volume to Monterey's existing consumer receivable portfolio. As Monterey enters its 28th year in business, the company will continue to look for the right opportunities to further grow its Consumer Financing, Loan Servicing and Collection divisions.
November 2016 - Monterey Attends Local Event
Monterey was honored to support the 2016 Women Who Mean Business Awards hosted in San Diego on November 9th and had two representatives attend the event. These awards celebrate 23 years honoring exceptional Women who have made a difference in our city's business, civic, and cultural scene. With over 70% of its own 124 employee workforce being women, Monterey appreciates the impact women have on success in business.
September 2016 - Monterey completes Solar and LED Projects
In an effort to become more energy efficient, Monterey has just completed Solar installation on the roof of its 27,000 square foot building. Monterey was able to place a total of 217 solar panels that produce enough energy to power over half of the company’s energy needs into the foreseeable future. Installation took approximately 3 weeks and was completed by Cosmic Solar. Monterey also changed all of its office lighting to LED bulbs that require 50% less electricity and last almost 3 times as long as previous bulbs. This installation was completed by American Lighting in 2 business days. Monterey is proud to do its part in improving its carbon footprint while also lowering monthly energy costs.
August 2016 - Monterey Sponsors Local Event
Monterey financial management solutions was a proud sponsor of the Asian Culture and Media Alliance (ACMA) golf tournament on August 6th. The event was successful with many participants, including a Monterey representative, and featured celebrity golfer Garry Templeton. The mission of the ACMA is to promote Asian culture and businesses through the power of the media, and Monterey is glad to support these local businesses as a local provider of alternative financing options.
July 2016 – Monterey renews with Wells Fargo
Monterey Financial Services is pleased to announce that it has recently renewed its $25mm revolving credit facility with Wells Fargo Preferred Capital for an additional 2 years. Now in its 13th year with Wells Fargo, the last 5 with Wells Fargo Preferred Capital, Monterey is proud of the long-term relationship it has forged as the company has grown. Along with the additional $3mm of capital investments added in 2016 in its associated company, Monterey Receivables Funding, Monterey now has over $60mm in capital capacity to purchase consumer receivables and continues to expand its client base in a wide variety of industries offering financial management solutions.