Daily News: February 12, 2016

Gulf Coast Funds Factoring Facility for OK-Based Manufacturer

Gulf Coast Business Credit’s John Whitaker recently funded a $500,000 working capital facility to an Oklahoma-based manufacturer that was referred by a community banker.

The manufacturer primarily caters to the oilfield industry but in order to diversify, the company recently transitioned to a new segment.

With invoice payments taking up to 65 days to process in the new line of business, a community banker referred the manufacturer to GCBC for its invoice factoring needs. The manufacturer chose GCBC because it was able to provide the funds immediately with flexible terms and competitive rates.