How Can Factoring Companies Assist Commercial Lenders?
How can factoring companies assist commercial lenders? With strategic partnerships, Factoring Companies can help Commercial Lenders retain their customers by offering complementary products.
Kick Off Fall 2016 with Referral Rewards and Win a Yeti Cooler!
This Fall, Gulf Coast Business Credit would like to acknowledge those who’ve helped shape our business. With our Referral Rewards program, if you send us a prospect and that prospect becomes a client, we’ll send you a Yeti Tundra 35 cooler with your favorite college or pro team's logo. Simply refer us the deal before November 30th to qualify. As long as the deal closes before 2018, you’ll be ready to kick off the season with a new Yeti Tundra cooler!
Happy National Truck Driver Appreciation Week
Gulf Coast Business Credit (“GCBC”) would like to take a moment, in honor of National Truck Driver Appreciation Week, to thank all of the hard working and dedicated truck drivers who deliver our country’s freight. Without them, critical goods like medicine, school books and food would not find their way into the hands of those who need them.
GCBC Hires Alex Eaton as Credit Analyst
As new deal flow and the existing client base continue to grow significantly, Gulf Coast Business Credit (GCBC) continually looks to stay ahead of the curve. With this growth in mind, GCBC recently hired Alex Eaton as a Credit Analyst.
GCBC kicks off Summer ’16 by funding 40 New Deals
Gulf Coast Business Credit (“GCBC”) started Summer 2016 off with a big splash! During May and June, GCBC funded 40 new Accounts Receivable Factoring and Asset Based Lending (ABL) relationships. Amongst the 36 new client relationships there was a $150,000 working capital facility to a Texas based transportation company, a $750,000 working capital facility to a Louisiana based oilfield service company, and a $500,000 working capital facility to a California based staffing company.
GCBC Provides Funding to Variety of Staffing Companies
Over the years, Gulf Coast Business Credit (“GCBC”)’s accounts receivable factoring has helped a variety of staffing companies grow.
Amongst the new Accounts Receivable Factoring and Asset Based Lending (ABL) relationships funded in 2016 to staffing companies, there was a $90,000 working capital facility to a Kansas based staffing company, a $250,000 working capital facility to a California based staffing company, and a $1.25 MM working capital facility to a California based staffing company.
The Kansas based staffing company who was provided a $90,000 working capital facility was referred to GCBC by a community banker. The company provides temporary nurse staffing to healthcare facilities located in Kansas and Louisiana. In order for the company to meet payroll and other expenses, they needed more availability than their current factoring company was able to provide. The company chose GCBC for it accounts receivable factoring needs for a variety of reasons including flexible terms, competitive rates, and their expertise in the staffing industry.
The California based staffing company who was provided a $250,000 working capital facility was referred to GCBC by a broker. The company specializes in providing administrative and industrial staffing. Since this staffing company was a start-up company with no historical financials, the company was unable to qualify for traditional banking. GCBC’s accounts receivable finance product was able to provide the company with the financial support they needed in order to grow without giving up equity.
Lastly, the California based staffing company who was provided a $1.25 MM working capital facility was referred to GCBC by a broker. The company provides staffing solutions, recruiting services and consulting services on safety to clients within the manufacturing, warehousing, and distribution industries. Instead of waiting on payments from clients for up to 90 days, GCBC’s staffing factoring will allow the staffing company to receive immediate payments and help control their cash flow.
Gulf Coast Business Credit understands the unique challenges of the staffing industry and can provide the financial support staffing companies need to help manage growth, take advantage of opportunities or help fund payroll. If your staffing company is tired of paying high factoring fees, be sure to check out our Staffing Factoring Experts promotion that ends on April 30, 2016.
Please join GCBC’s LinkedIn Staffing Industry Group by clicking the following link: Gulf Coast Business Credit Staffing Industry Group.
Article Posted On: April 26, 2016