eCapital Commercial Finance, a division of eCapital, has delivered more than $10 million in additional funding to clients with existing factoring facilities during the COVID-19 pandemic to help them meet demand for products and services. eCapital leveraged its factoring solutions to support businesses with a range of operations, including warehouse support, staffing for healthcare professionals and vaccine preparations.
“Our fast, flexible approach allowed us to maneuver quickly to provide our clients access to the working capital they needed to support essential COVID-19 efforts,” David Ciccolo, president of eCapital Commercial Finance, said. “These are just a few examples of businesses that were able to persevere and provide services that were crucial in keeping the global supply chain moving during the pandemic with the aid of eCapital’s factoring solutions.”
The pandemic has placed a huge burden on healthcare professionals and increased the need for nursing staff. eCapital’s healthcare staffing client provides travel registered nurse assignments to hospitals across the U.S. and needed to increase its facility to cover additional payroll. eCapital doubled the company’s facility from $5.5 million to $11 million.
Another client was ready to meet the increased demand for online ordering and delivery to help pack and ship groceries and consumables to thousands of households. eCapital increased the client’s facility from $1.25 million to $1.6 million and again to $2 million.
Distribution of the COVID-19 vaccine will involve much more than the medication itself. Gauze pads, needles and other medical supplies have to be prepped and ready to ship as soon as vaccine distribution begins. A client won a contract to provide staffing support to make this happen, and eCapital increased its facility from $1 million to $5 million to help it ramp up services.
“Resiliency is at the core of any successful small and medium-sized business, and as a result, we are seeing an unwavering determination to navigate through the disruption caused by the pandemic,” Ciccolo said. “eCapital delivers rapid and dependable financial solutions for our clients, which is especially important now for those that need to expand their production levels to meet the unique demands brought on by COVID-19.”