Did You Know Interstate Capital is part of a 70-year-old, four-generation, family-owned business?
Interstate Capital may have been founded 23 years ago this year, but its parent company, American Finance and Investment Co., Inc. (AFIC), celebrated its 70th anniversary in the summer of 2016.
Both companies are family-owned with a legacy of financial integrity that dates back to 1946 when a group of ten local investors and friends in El Paso, Texas, launched their business.
One of those founders was Ernest Friedman (1903-1970), a prominent business leader. His daughter Doris married a young man, Jack Eisenberg, who started working for his father-in-law in 1950 after serving in the U.S. Marines. Jack went from sweeping the floors to running the company; he marked his 65th year at American Finance in 2015. Mr. Eisenberg, now chairman of the AFIC board, continues to come to work every day!
Jack and Doris had three daughters, but it was their son, Cliff Eisenberg, who continued in his father’s work after graduating from the University of Texas-Austin. In 1993, Cliff and Tony Furman, a family friend and fellow UT-Austin business graduate, saw the need for a factoring company in El Paso to help local businesses. They launched Interstate Capital (ICC) in a small cinder block storefront in rural Santa Teresa, New Mexico, just across the Rio Grande from El Paso. Louis Cohen, married to Jack Eisenberg’s middle daughter, joined the firm soon in 1994. New employees were hired and within a few years, the firm moved from serving local and regional clients to having a national and international presence in the factoring industry.
Interstate Capital’s team currently includes the fourth generation of Ernest Friedman’s descendants: Cliff’s son Ernest Eisenberg and Louis’s son, Josh Cohen. The great-grandsons enjoy following in the footsteps of their fathers and having the privilege of continuing to work with their grandfather at ICC’s parent company.
Today the corporation employs more than 100 employees in six different locations, but its family roots and focus on client service continue to shape the direction and operations of Interstate Capital.