Daily News: August 13, 2015

GCBC Closes 30 New Factoring & ABL Relationships


Gulf Coast Business Credit (GCBC) funded 30 new factoring and asset-based lending relationships during the months of June and July.

Among the new client relationships were a $5 million working capital facility to a Texas-based inspection services company, a $2 million working capital facility to a Florida-based freight transportation company, a $750,000 working capital facility to a California-based advisory company, and a $500,000 working capital facility to a Louisiana-based staffing and oilfield services company.

The Texas based inspection services company had a traditional line of credit, but realized the facility limit would no longer be enough to fulfill its cash flow demand. The company chose GCBC for its invoice factoring needs because GCBC was able to provide the necessary capital to double the size of company’s staff at a competitive rate with flexible terms.

The Florida-based freight transportation company provides freight brokerage services through a network of agents located across the U.S. and Canada.

The California-based advisory company is privately held and provides advisory services in the financial sector.

Lastly, the Louisiana-based staffing and oilfield services company provides skilled trades and labor staffing, as well as oilfield tool rentals and wireline services through a separate division. GCBC was able to provide the company with enough cash flow to take on new business they previously could not handle.