GCBC Funds 18 Deals in July
Gulf Coast Business Credit funded 18 new factoring and ABL relationships in July.
Among the 18 new client relationships were a $100,000 working capital facility to a North Dakota-based staffing company, a $3 million working capital facility to a Texas-based technology company, a $3 million working capital facility to a Louisiana-based welding company, and an $8 million working capital facility to a Texas-based oilfield staffing company.
The North Dakota-based staffing company learned about GCBC during the National Independent Staffing Association Convention held in January 2014. With a specialization in providing office support and management staffing as well as virtual office solutions, the company sought out GCBC to help with their growth by increasing cash-flow to meet their payroll needs.
The Texas-based technology company was referred to GCBC by an existing client. Being a start-up company, GCBC’s ongoing accounts receivable financing will help provide steady cash-flow to help the company achieve their business goals.
The Louisiana-based welding company learned about GCBC through a current customer. The welding company specializes in turnaround work for refineries and was looking to grow their business. GCBC was able to provide the welding company with enough cash flow to take on new business they previously could not handle.
Lastly, the Texas-based oilfield staffing company was referred to GCBC by a local bank who did not have the back office to manage asset based or factoring relationships. The company previously had a traditional line of credit and was looking to double their availability to support their growth in the oilfield industry. The local bank that referred the business to GCBC will be participating up to 50% of this relationship and won the depository business from another bank in their local market.
As a leading provider of working capital finance throughout the United States, GCBC helps provide accounts receivable financing to a variety of customers. GCBC has production offices located in Colorado, Georgia, Tennessee, Texas and Louisiana.