Daily News: June 21, 2017

GCBC Funds 101 Deals to Start 2017


Gulf Coast Business Credit started 2017 by financing 101 new accounts receivable factoring and asset-based lending relationships.

Among the new client relationships booked were a $4 million working capital facility to a Louisiana-based oil field service company, a $3 million working capital facility to a Texas-based fluid transfer company and a $1 million working capital facility to an Ohio-based staffing company.

The oilfield service company was referred to Gulf Coast by its current banker due to a strain on the company’s financial covenants – it was not able to maintain compliance. The company lost money the prior year but had tremendous growth opportunities on the horizon.

The fluid transfer company was referred to GCBC by a vendor. The vendor realized the company was having trouble keeping up with its payments and thought of GCBC as a possible solution. The fluid transfer company actually already had a funding relationship with another factoring company, but was not getting the availability it needed on all its debtors to keep up with growth and pay the vendors. GCBC was able to offer more availability in addition to becoming a lower cost provider for the company. The company was finally able to pay its vendors and not stress over taking on new business.

The staffing company was referred to GCBC by a top referral source. The staffing company has a focus in staffing within the transportation sector which led it to create a new entity. GCBC was able to provide growth capital to both the start-up and existing staffing entities.

As a division of Gulf Coast Bank & Trust Company, GCBC provides accounts receivable factoring and asset-based lending to a variety of customers.