OiIFieldCapital.com, First International Launch Online Financing

OilFieldCapital.com, which is developing an online financial service hub for producers, has formed a partnership with First International Bank, a subsidiary of First International Bancorp Inc., to offer a package of financial .products to OilFieldCapital.com users. Under the agreement, the Hartford, Connecticut, bank will offer 14 commercial and international credit products, up to $5 million per transaction, to producers and marketers of oil and gas and related from basic payment guarantees, products and services. 

The online service and bank will use First International's proprietary ThruCredit system to handle the transactions. Member producers of OilFieldCapital.com will be able to choose from among 14 credit products in the bank's e-CreditMenu to settle deals using the OilFieldCapital.com platform and to meet their other business needs. 

Available products will range working capital lines, equipment loans and industrial mortgages to sophisticated international trade, barter and energy financing programs. 

OilFieldCapital.com chairman Steven R. Pottle said, "It's an interesting situation. On the one hand, oil and gas producers look very healthy. On the other, they're finding it very hard to raise capital, particularly for exploration. Certainly, for the long-term viability of independent producers as well as the industry in general, we'll need to pay more attention to exploration."