Daily News: February 17, 2016

GCBC Funds 15 New Relationships in January


Gulf Coast Business Credit funded 15 new accounts receivable factoring and asset-based lending relationships during the month of January.

Among the 15 new client relationships was a $3 million working capital facility to a Texas-based manufacturer and distributor, a $500,000 working capital facility to a Louisiana-based oilfield service company, a $300,000 working capital facility to a California-based transportation company and a $90,000 working capital facility to a Kansas-based staffing company.

The Texas-based company was referred to GCBC by a broker. The company manufactures and distributes fixtures and displays for a variety of retail stores located worldwide. As the company continues to diversify its markets and grow globally, it needed more availability than its current factoring company was able to provide. The company chose GCBC for its invoice factoring needs because GCBC was able to provide a much larger facility than its current factoring company along with flexible terms and competitive rates.

The Louisiana-based oilfield service company was referred to GCBC by a community banker. The company provides onshore and offshore construction and maintenance services. To remain competitive within the oilfield service industry, the company is offering more services which requires more cash flow. GCBC was able to provide the company with enough cash flow in order to take on new business and provide additional services it could not handle previously.

The California-based transportation company was referred to GCBC by a freight broker. The company has a fleet of three trucks and specializes in hauling flatbed loads throughout the U.S. With over 20 years of experience in the transportation industry, the company chose GCBC for its expertise along with immediate funding, flexible terms and competitive pricing. The company will now be able to concentrate on its growth rather than stress about cash flow.

The Kansas-based staffing company was referred to GCBC by a community banker. The company provides temporary nurse staffing to healthcare facilities located in Kansas and Louisiana. In order for the company to meet payroll and other expenses, it needed more availability than its current factoring company was able to provide. The company chose GCBC for it accounts receivable factoring needs for a variety of reasons including flexible terms, competitive rates and its expertise within the staffing industry.