Daily News: March 7, 2012

Lawrence Provides $10 Million to Personnel Plus


Lawrence Financial Group announced funding of $10 million working capital line of credit for Personnel Plus, Inc., of Norwalk, CA. Proceeds from this revolving loan facility will be used for growth and expansion.

Personnel Plus, since its founding in 1988, has placed more than 50,000 individuals in staffing positions throughout California and Texas. The firm originally specialized in providing workers in electronic assembly, office work and other light industrial placements. It has expanded into medical, legal, engineering and accounting. In addition to staffing solutions, Personnel Plus also provides consulting assistance to its clients in areas including recruitment, resource management, vendor organization, risk management and outplacement.

Lawrence, founded in Los Angeles in 1990, has assisted more than 1,000 companies to obtain financing for growth, expansion, acquisition and restructure. So far this year, Lawrence has broken all records for closing deals. In January and February, in addition to the Personnel Plus transaction, it provided more than $20 million in revolving credit lines to firms including $10 million to AGS Guard Services, Carson, CA, $2.5 million to Infiniti Media, Torrance, CA, $2 million to Grant Weber of Calabasas, CA and $1 million to Pacific Precision, San Dimas, CA.

Lawrence specializes in providing asset-based financing including loans secured by accounts receivable and inventory, as well as term loans on equipment and intellectual property.