IT Consulting and Staffing Provider Leaves Cash Flow Problems Behind
The client, a Northeastern based IT Consulting and Staffing provider, specializes in contract data management, laboratory and testing analytics, and Statistical Analyst System (“SAS”) programing to its customers for clinical trial applications. The Company provides services for numerous large customers throughout the United States.
Confronting Cash Flow Challenges
The Company was experiencing a rapid increase in growth, at the same time existing customers were extending their payment terms, resulting in cash-flow constraints. The Company was acquired in the previous year and had let its line of credit lapse. The reliance on the parent company for capital was a temporary fix, and the client needed to transition to a financial partner to support a long-term working capital strategy.
Having an extensive customer base, the client needed a financial partner who could handle a large volume of receivables cost-effectively. Additionally, the client wanted a partner who understood their business model and had experience working with businesses similar to theirs. Throughout their search, the client struggled to find a financing partner who could meet all of their needs; until an industry colleague recommended Seacoast Business Funding.
Leaving Cash Flow Challenges Behind
The client was impressed with Seacoast’s knowledge and experience working with similar businesses within their industry. Seacoast structured an asset-based facility that was flexible to meet the client’s present and future financial needs.