Working Capital for Staffing Company Opens Up Expansion Opportunities

The client a highly specialized temporary staffing company provides (sophisticated or Fortune 500) companies with short-term contractual employees.  The Company has been in business for 31 years. In 2001, they were purchased by a foreign organization expanding into the US market. The Company operates as a standalone business relying heavily on its own profits for cash-flow and relied on their local bank for working capital.


In 2015, an industry slow-down occurred and the Company lost several key accounts. This resulted in a 50% decrease in revenues and the Company’s first loss.  The parent company hired a new CEO and CFO to affect an operational turnaround.  The new management team right-sized headcount, added new customers, and identified strategic acquisitions in other industries to offset the loss.

The new management team had recovered from the original downturn and the Company was operating again profitably when an additional challenge arose with its current lender.  The facility was up for renewal. Due to the prior year financial performance along with the lenders lack of industry knowledge; the lender chose to terminate the relationship. This resulted in the Company having less than 30 days to seek a new working capital partner.


The Company’s accounting firm referred Seacoast Business Funding.  Seacoast quickly identified the needs of the business, and was able to underwrite a term sheet and fund the transaction in less than 20 days. Our working capital solution was: cost effective, provided for better availability on accounts receivables, and offered full banking services with Seacoast National Bank.  The management team was impressed with how quickly we were able to provide a long term working capital solution for their company which opened discussions for upcoming mergers.


–  Less than 20 days to Underwrite and Fund
–  Expansion Opportunity
–  Cost-Effective
–  Full Banking Services

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