When Hurricane Ian hit Florida in late September, more than 2.5 million homes and businesses were without electricity throughout the state. Once the danger from the storm subsided, crews quickly got to work assessing the damage and planning restoration of power.
One such company, a utilities staffing firm based in Orlando, FL, was among the first on the scene in many parts of the state and its team realized that in order to get vital utilities restored quickly, it needed to ramp up rapidly, which would require more people and working capital. To meet the need, the company turned to LSQ, a longtime partner that had been providing the company with invoice financing for more than six years. To help it respond to Hurricane Ian, LSQ increased the company’s facility to $50 million.
“We have had a great relationship with the company over the years,” Ravi Kissoon, portfolio manager at LSQ, said. “They have provided critical services for communities impacted by more than 75 storms, and having funds that can scale to the size of the response required has been critical to their success. We are proud to have played a small part in the work they have done.”