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.
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.
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.
- 92% Advance Rate
- 3 Weeks to Fund and Close
- $1.5 million Increase in Credit Line