Daily News: April 27, 2016

GCBC Provides $2.4MM in Funding to Staffing Companies

Gulf Coast Business Credit provided $2.4 million in funding to staffing companies through several new accounts receivable factoring and asset-based lending relationships in 2016.

The company provided a $90,000 working capital facility to a Kansas-based staffing company, a $250,000 working capital facility to a California-based staffing company and a $1.25 million working capital facility to another California-based staffing company.

The Kansas-based staffing company provides temporary nurse staffing to healthcare facilities located in Kansas and Louisiana. In order for the company to meet payroll and other expenses, they needed more availability than their current factoring company was able to provide.

The first California-based staffing company specializes in providing administrative and industrial staffing. Since this staffing company was a start-up company with no historical financials, the company was unable to qualify for traditional banking. GCBC’s accounts receivable finance product was able to provide the company with the financial support they needed in order to grow without giving up equity.

The second California-based staffing company provides staffing solutions, recruiting services and consulting services on safety to clients within the manufacturing, warehousing and distribution industries. Instead of waiting on payments from clients for up to 90 days, GCBC’s staffing factoring will allow the company to receive immediate payments and help control their cash flow.