Daily News: June 28, 2016

GCBC Closes A/R Financing for Electrical Services Company

Gulf Coast Business Credit (GCBC)’s Adam Landry recently funded a $2.0 million working capital facility for a Louisiana based marine electrical services company that was referred by a Louisiana community banker.

The borrower provides electrical construction and repairs on ships for major shipyard companies. The company was growing very quickly with one particular customer and eventually it became a concentration issue for its bank. Its bank wasn’t able to give it the availability it needed to bring on the new work, so the banker introduced the company to GCBC.

GCBC was able to “carve out” its largest customer and give it full availability on the receivables. The referring bank kept the rest of the lending relationship while allowing GCBC to take on the risk.

GCBC is an accounts receivable finance firm.