Daily News: March 28, 2016

Gulf Coast Business Credit Closes $1.85MM in New Relationships

Gulf Coast Business Credit funded a variety of accounts receivable factoring and asset-based lending (ABL) relationships this month.

Among the new client relationships was a $1.25 million working capital facility to a California-based staffing company, a $500,000 working capital facility to a Texas-based technology company and a $100,000 working capital facility to a Texas-based transportation company.

The California-based staffing company was referred to GCBC’s Adam Landry by a broker. The company provides staffing services to large manufacturing, warehousing and distribution companies. In order for the staffing company to take on a large amount of work from a new client, they needed to increase their cash flow. GCBC’s accounts receivable factoring provided the company with enough cash flow to take on this new client.

The Texas-based technology company was referred by an interim CFO to GCBC’s Kelsey Ortiz. The company provides technology sales and services with a specialization in high definition digital services as well as digital learning tools and consultation. With a recent change in ownership, the company was looking to focus on growth rather than stress about cash flow.

Lastly, the Texas-based transportation company was referred to GCBC’s Troy Zupancic by a current transportation client. As a startup transportation company, the company owns one truck and specializes and hauling dry loads nationwide.