Access Capital funded a $1 million credit facility for The Structures Company. The new borrower is based in California and specializes in providing temporary staffing solutions to the aerospace industry.
The Structures Company was formed in 2015 by three staffing professionals who were all former colleagues at a staffing firm making placements in the IT and engineering industries. Initially, the company was able to obtain a line of credit from a regional bank. However, due to substantial growth, there were concerns about whether the bank would provide additional line increases in support of the company’s expansion.
The principals decided to seek alternative sources of financing and were introduced to Access Capital. Access provided a revolver that was used to repay the bank and provide working capital. The Access Capital financing contemplates regular performance-based capital increases that will allow the company to meet its growth plan.
J.R. Gonsalves, managing member and founder, said, “Access Capital has provided us with the financial flexibility we needed to continue to successfully grow our business.”