GCBC Provides Oilfield Company Credit Line
Gulf Coast Business Credit (GCBC) provided a $150,000 working capital facility to a south Texas-based oilfield services company. The company was referred to GCBC by a commercial lender that could not get the company approved for an increase to their line of credit.
The oilfield services company has operated for over 30 years and services not only the oilfield but commercial, residential and livestock and agricultural industries. In order to improve cash-flow and take on additional business in the oilfield sector, the company was referred to GCBC.
Having referred companies to GCBC in the past, the commercial lender trusted that GCBC would offer the best solution and was able to educate the company on financing options outside of traditional banking.
GCBC was able to carve out and factor a concentrated debtor for the company while the bank maintained the ancillary services and a portion of the working capital facility outside of the concentration. Even though a traditional banking solution was not provided, the commercial lender was able to maintain a good relationship with this company and provide a customized solution through partnering with GCBC.