Temporary Staffing Company Consolidates Factoring Lines to Support Enterprise Operations

The client is a domestic temporary staffing company based on the west coast.  The Company specializes in placements for manufacturing, logistics, IT, administrative, R&D, construction and skilled trades. Over the last two years they have seen a steady increase in sales volume, resulting in profitability.

Challenge:

The Company had an established line of credit for several years with a previous funder.  At the same time, an independently run entity under the Company’s umbrella had a separate facility with Seacoast Business Funding. The Company was looking to consolidate both of their factoring facilities with one funder.

Solution:

After careful consideration the Company chose to move the factoring line from the previous financial institution to Seacoast Business Funding.  Seacoast increased the Company’s line of credit from $6 million to $7.5 million; as well as, increased their advance rate to 92% over the previous factor.  Lastly, Seacoast was able to close and fund the facility within 3 weeks; and provide the Company with the consolidation and expanded facility to support additional liquidity for all of the Company’s operations.

Benefits:
  • 92% Advance Rate
  • 3 Weeks to Fund and Close
  • $1.5 million Increase in Credit Line