| Business Summary | | General
Credit
Corporation
is
engaged
in
providing
working
capital
financing
to
its
customers
through
the
discounted
purchase
of
checks
(referred
to
as
check
factoring),
and
through
its
subsidiary,
Rapidpay
Corporation,
credit
card
sales
slips.
The
Company
provides
these
services
to
its
customers
generally
on
a
non-recourse
basis,
except
to
the
extent
of
forged
signatures
on
and
stop
payments
of
the
purchased
checks
and
credit
card
sales
slips.
The
Company's
customers
are
typically
small
and
medium-sized
independent
businesses,
most
of
which
are
located
in
the
New
York
City
metropolitan
area
and
northern
New
Jersey
area,
although
some
of
its
credit
card
sales
slip
customers
are
located
in
Florida
and
other
areas
outside
of
New
York
City.
Included
among
its
customers
are
sewing
contractors,
wholesale
distributors,
independent
trucking
companies,
printing
companies,
converters,
healthcare
providers,
retailers,
restaurateurs,
insurers
and
commercial
real
estate
owners. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | General
Credit
Corp.,
since
the
acquisition
of
New
York
Payroll
Factors,
Inc.
on
5/2/97,
has
been
engaged
in
providing
check
factoring
services
to
its
customers
on
a
non-recourse
basis.
For
the
six
months
ended
6/30/01,
revenues
rose
7%
to
$2.8
million.
Net
loss
from
continuing
operations
rose
48%
to
$110
thousand.
Revenues
reflect
increased
purchases
of
checks
and
credit
card
sales
slips.
Net
loss
reflects
increased
commissions
and
higher
bad
debt
expenses. | More
from
Market Guide: Significant
Developments |
| | | | FY1999 Pay | |
| Irwin Zellermaier, 75 Chairman,
CEO, Acting Pres and Chief Financial Officer | $183K | Dollar
amounts are as of 31-Dec-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|