Daily News: February 27, 2017

GCBC Provides $2.5MM Facility for LA-based Staffing Firm

Gulf Coast Business Credit (GCBC) funded a $2.5 million working capital facility for a Louisiana-based staffing and industrial contractor.

The company was referred to GCBC by a Louisiana community banker. The company’s primary line of business was staffing services, but it wanted to take advantage of growth opportunities in the industrial sector. Its current factoring company was not comfortable with the billing process for the new work, so the company decided to seek additional funding options. The firm’s banker then referred it to GCBC, which was already familiar with the billing process of the new work and was able to cut its factoring rate in half.

GCBC is an accounts receivable finance firm.