Daily News: March 19, 2014

GCBC Provides $1.5MM Facility to Oilfield Supply Co.

Gulf Coast Business Credit’s (GCBC) Bob Bernhard recently provided a $1.5 million working capital facility to an oilfield supply company.

The oilfield supply company, headquartered in Louisiana, was started by a husband and wife over 12 years ago. The company provides an array of products and equipment to oil companies. Unable to obtain traditional financing, the company sought out factoring solutions to help manage their cash-flow. GCBC was referred by an internet-generated lead and then awarded a factoring contract over two local competitors because of their superior pricing structure.

“We were able to help pay-off the company’s existing line of credit at the bank and dramatically improve their cash-flow,” said Bernhard.