John Fox, president and CEO of Rockland Credit Finance, has announced the formation of Rockland Business Credit, a wholly owned subsidiary specialising in asset-based lending. Rockland, a provider of factoring and purchase order financing services, will now offer secured financing between US$500,000 and US$10 million to manufacturers, distributors, retailers and service firms in the lower end of the middle market.
Joining Rockland as president to head up the new Business Credit unit will be Charles G. Johnson, a 35-year veteran of the commercial finance industry. Johnson is a former president and chairman of the Commercial Finance Association. Over his career, he has developed ABL capabilities for several major players including UPS Capital, Heller Financial (now part of GE Commercial), Whirlpool Financial Corporation, First Union National Bank (now Wachovia Bank) and Aetna Business Credit (now Bank of America).
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