GCBC Partners with Community Bank for Oilfield Service Company
Gulf Coast Business Credit recently partnered with a community bank and provided a $1 million working capital facility to a Louisiana-based oilfield service company.
The community bank will continue to maintain the company’s line of credit while carving out a concentrated debtor from their borrowing base for GCBC to factor. The community bank subordinated its interest in this one debtor and maintained a first position on all other receivables.
With this combined working capital solution, the company can now maintain a relationship with its community bank while continuing to grow with the assistance of ongoing capital provided by GCBC.