SVBusiness Finances CA Staffing Company
SVBusiness Capital has announced the issuance of a $1.2MM revolving line of credit and a $300M term loan to a California based staffing company. Proceeds were used to cure a Federal tax lien as well as to support their growing base of revenues.
Due to two significant debtor concentrations, as well as the difficulty in managing the voluminous billings associated with these large account debtors, SVBusiness Capital devised a multi-faceted borrowing base apparatus. By combining a bulk style monitoring method for the aforementioned debtor base along with a detailed borrowing base for the remaining accounts, the company was able to comfortably conform to the reporting requirements necessary to finance their growing business.
Kevin O’Hare, SVP and group manager of SVBusiness Capital, remarked, “Our ability to be creative and comfortable with the collateral monitoring technique enabled us to extend a flexible revolving credit facility as well as a four year fully amortizing term loan together of which have revitalized this venerable business.”