Williams Food Service, Inc. recently announced that it will be utilizing Firstar Bank’s purchasing card program as a way to streamline and better manage their low dollar procurement process. Also, Firstar’s commercial lending group and real estate financing divisions have crafted loan programs to help support the company’s growth.
Firstar’s program will provide employees of Williams Food Service, Inc. with purchasing cards that will be targeted for purchases of less than $1000. As a result, the program will enable the company to reduce the number of checks it has to issue by approximately 75 percent, which will save both time and money through operational efficiencies.
Steve Payne, owner of Williams Food Service, Inc., noted “Firstar’s purchasing card will save our company money. By giving our employees the ability to make small dollar purchases with the purchasing card, which works just like a credit card, it means we will save on processing costs as well as the number of checks we have to write on a monthly basis. Saving time and money is critical to a growing company like ours that must maximize its existing resources and control administrative expenses.”
In addition to the purchasing card product, Firstar’s commercial lending group developed a loan structure for Williams Food Service, Inc., which supports the company’s current capital structure. This allows Williams Food Service, Inc. the ability to utilize more of its existing cash flow and additional borrowing capacity for new equipment purchases needed to support the company’s robust sales growth. Also, Firstar provided real estate financing that allowed the company to expand its current facility and make more efficient use of existing space to support their growth in sales and new business.
About Williams Food Service
Williams Food Service, Inc., founded in 1928, is a vending machine operator, mobile catering and traditional catering operator with headquarters in Louisville and offices throughout Central Kentucky, Southern Indiana and Southern Ohio.
Firstar Bank is a subsidiary of U.S. Bancorp, with assets in excess of $160 billion, is the 8th largest financial services holding company in the United States. The company operates 2,231 banking offices and 5,208 ATMs in 24 states in the Midwest and Western portion of the country. The organization also provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Banks and U.S. Banks. Visit U.S. Bancorp on the web at http://www.usbank.com. and Firstar Bank at http://www.firstar.comDetails