Daily News: March 6, 2014

GCBC Provides Facility to Oilfield Service Co.

Gulf Coast Business Credit (GCBC) recently provided a $500,000 working capital facility to an oilfield services company headquartered in Texas.

The company has been in the oilfield service industry for over 25 years placing a high priority on safety and training. Specializing in hydraulic fracturing, the company offers services ranging from Frac pumpdown pumps, grease packages, pressure washers, vacuum trucks, test pumps to stack lifts.

Referred by their banker, GCBC’s accounts receivable product will allow the company to expand and bring on new clients.

“We were able to factor a concentrated debtor and provide our new client with a significant savings over prior funding companies,” said Celena De Freitas, GCBC VP of Business Development.