Growth Leads to New Office for Chicago Collection Agency

CTI Collection Services has nearly tripled in size in the past three years, prompting the owners of the collection agency to look for a new location for a satellite office and to increase hiring around its headquarter’s location.

The company, based in Chicago, has grown to about 180 employees and doubled its revenue in the past few years. Now the collection agency’s leaders are looking to a small town in Illinois for its newest location.

The Galesburg, Ill., City Council approved last night a $40,000 forgivable loan for the opening of a new call center for CTI, contingent on the firm promising to hire 30 people in the first year of operations and to have a total of 150 workers there by the end of year three. It would be the company’s first satellite office.

CTI primarily focuses on the secondary collection market. Clients include GE, Citibank and the City of Chicago.

One of CTI’s owners said that the potential growth in Galesburg isn’t the only expansion the company is planning. “I need to hire about 60 more people right now in Chicago,” Colby Smith, CTI’s executive vice president and owner, told insideARM. Smith said the firm will need to take on more space in Chicago to fit in the new hires.

Smith noted that the decision to open a new location in Galesburg is not final. “We really like Galesburg and the workforce there,” he explained. “But we do have options on the table.” Smith said CTI has been considering a new office for at least two years and has looked at Texas, Detroit and other locations.

CTI plans to make a decision in the next 30 days.