Joel Flig joined Allied in January 2010 and serves as Senior Vice President. Based in New York, Joel is responsible for originating, structuring and developing factoring transactions on a national basis. With over 30 years of experience, Joel is a veteran of the commercial finance industry. He is a senior financial executive and seasoned marketing professional, highly experienced in new business development and in the evaluation of factoring opportunities.
For the previous three years, Joel worked as the EVP and National Sales Manager for Greystone Business Credit, a nationwide commercial finance company. There, he was responsible for all new business proposals sent out to clients, and he managed and developed a nationwide salesforce of 7 people. He was personally responsible for half of all new business developed during his time there.
Prior to that, he was the Founder and Co-President of Financial Solutions Group/Capital Solutions Group, an investment banking company specializing in the placement of middle market companies requiring asset based and factoring credit facilities. They arranged and placed more than $600M in debt transactions nationwide.
Before founding his own company in 1990, Joel worked in the Corporate Lending Division of Aspen Federal Bank and Union Chelsea National Bank and in Middle Market Lending at Republic National Bank of New York. He also completed the Management Development Program at Chase Manhattan.
Allied primarily operates in a geographic region that has lower factoring activity relative to other regions (see below). Management believes this represents an opportunity as the regions in which it operates have lower relative penetration than other parts of the country.
The factoring industry as a whole is expected to experience contraction in 2008 and 2009 due to the contraction of available credit from lending institutions to factoring companies. With less capital to deploy industry wide, factoring businesses with excellent and growing lending relationships, such as Allied, will be able to take advantage of the strong demand and lower overall competition.
