When two Austin, TX-based entrepreneurs identified an underserved opportunity within the healthcare staffing industry, they sought the payroll funding expertise of Republic Business Credit‘s Fast AR Funding’s dedicated working capital team. With the COVID-19 pandemic creating high demands on healthcare systems across the country, the need for nurses willing to travel to hotspots has greatly increased.
The entrepreneurs needed to focus on growth, not payroll constraints. Fast AR Funding, a program of Republic Business Credit, provided a $400,000 growth-orientated selective factoring solution with a high advance rate to jumpstart the company’s founding. The partnership with Fast AR enabled the company to address market and customer needs without having to worry about how fast they were growing.
The upstart company provides temporary and permanent employees to hospitals and medical centers located throughout the Southwest. Since the start of the COVID-19 pandemic, both urban and rural areas have faced staffing challenges and needed quick solutions. Traveling nurse programs have exploded as a result. The upstart has already tripled its forecast so far in 2022 and sought an increase in its factoring facility to $1 million.
Fast AR Funding provides a scalable, selective factoring facility with an online application and technology-enabled approval process. It allowed the initial funding to flow within 48 hours of receiving the first invoice. The facility allows the client to submit invoices from specific customers that needed to provide funding for growing payroll without the hassle of minimum sales volumes or long-term contracts.
“Entrepreneurs in the temporary staffing business, especially healthcare, have limited options of financing to support their growth,” William Kemp, vice president of business development at Republic Business Credit, said.
“The exponential growth potential of staffing firms makes it difficult for them to obtain traditional bank financing. Factoring works seamlessly as they grow and develop,” Stewart Chesters CEO of Republic Business Credit, said.
