What is Temporary Staffing Factoring and How Does it Work?
All temporary staffing agencies need access to working capital in order to consistently make payroll. And for staffing companies experiencing growth, the importance of reliable access to cash is even greater. This is why many temporary staffing agencies finance their payroll through factoring companies.
GCBC Hires Vincent Miller as Credit Analyst/Underwriter
Gulf Coast Business Credit (“GCBC”) has experienced impressive growth over the first half of 2018. This not only applies to portfolio growth, but also to the size of the underwriting team. For the second time in 2018, a new Credit Analyst/Underwriter has been added to the team! GCBC is proud to welcome Vincent (“Vince”) Miller as a Credit Analyst/Underwriter for its Austin, Texas location.
Gulf Coast Business Credit Hires Aaron Renaud as New Underwriter
Austin, TX - Gulf Coast Business Credit (“GCBC”), a nationwide provider of accounts receivable finance and asset based lending, is pleased to announce the recent hiring of Aaron Renaud as Underwriter in their Austin, TX location. “We are excited and feel fortunate to welcome Mr. Renaud to the GCBC team. Aaron will play a key role to support recent portfolio acquisition and continued organic growth,” said Meg Roberson, GCBC’s National Sales Manager.
GCBC Hires Rochinda Archuleta as Project Manager
Due to substantial growth, Gulf Coast Business Credit (GCBC) recently hired Rochinda Archuleta as Project Manager.
GCBC’s Ryan Dendinger moves to Dallas Market
Gulf Coast Business Credit (“GCBC”), the factoring and asset based lending division of Gulf Coast Bank & Trust Co., announced major success in the first half of 2018 leading to an exciting move for GCBC Business Development Officer, Ryan Dendinger, to the DFW Metroplex. Ryan will join the Dallas team at the 5949 Sherry Lane, Park Cities location with approximately 25 other employees located in that regional office to date. Prior to his move, Ryan was an Underwriter for GCBC out of the Austin, TX location.
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