Seacoast Business Funding Provides $25,000,000 in Accounts Receivable Financing in July
Boynton Beach, FL – August 20, 2019 – Seacoast Business Funding, secured $25,000,000 in accounts receivable facilities in July. The transactions added three new staffing agencies to the Seacoast portfolio.
On July 12, a $1,500,000 factoring facility was provided to a staffing agency located on the West Coast. The Company specializes in Retail, Information Technology and medical staffing and had outgrown its previous line and was seeking a scalable lending partner. The facility proceeds will be utilized to maintain and support continued growth.
A $3,000,000 factoring facility was established for an Information Technology staffing company in the Northeast on July 26. The Company has been growing rapidly and needed a working capital solution in place to meet the demand. The proceeds will be utilized to support the current growth trajectory.
On July 31, a $20,000,000 factoring facility was provided to a staffing agency based in the Northeast; with a concentration in Light Industrial, Warehousing and Food Preparation. The Company was seeking a reliable working capital partner to support its growing structural changes for the future. The facility proceeds will be utilized to support business operations and growth.
President of Seacoast Business Funding, Jay Atkins, commented, “We understand the financial needs affecting the staffing industry and our ability to move quickly ensures our clients the structure needed to continue without disruption. We were able to meet the needs of our clients by providing a scalable and reliable solution, placing them in a position to take advantage of growth.”
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.
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