Transfac Closes Labor SMART Facility
Labor SMART announced it secured a $2 million finance facility with Transfac Capital. The company will use the new facility to supplement working capital during times of rapid growth and expansion. The finance facility is secured with Labor SMART’s accounts receivables and is not tied to any type of registrations or share conversions.
Ryan Schadel, Labor SMART’s CEO, stated, “We are extremely pleased with the securing of our new $2 million finance facility. As with any young growth company, one of the key components for success is a company’s ability to access capital in order to sustain growth. This new credit facility replaces our existing credit facility with Riviera Finance and will reduce our cost of capital substantially.” He also stated, “We recently came off of our best week posting $432,572 in revenues and are optimistic that August will prove to be our most productive month so far in 2013.”
Labor SMART provides On-Demand temporary labor to a variety of industries.