Seacoast Provides $6,000,000 Asset-Based Facility For IT Consulting & Staffing Provider
Boynton Beach, FL – September 29, 2020 – Seacoast Business Funding, announced a $6,000,000 asset-based revolving credit facility for an IT Consulting and Staffing provider in the northeast. The Company specializes in contract data management, laboratory and testing analytics, and Statistical Analyst System (“SAS”) programing to its customers for clinical trial applications.
The Company was acquired last year and let its previous line of credit lapse. The parent company requested the subsidiary seek a financial partner to manage working capital needs. Seacoast Business Funding structured a facility to provide immediate access to cash-flow to support current operations with the flexibility to scale as the Company’s financial needs grow.
“The closing of this transaction showcases our industry-expertise and knowledge of the client’s business model. Leveraging the increased capital will alleviate existing constraints and provide a reliable financing solution for future growth,” commented Jay Atkins, President of Seacoast Business Funding.
About Seacoast Business Funding
Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 Million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC.
# # #