LSQ, a provider of working capital and payments management solutions, originated a $1 million credit facility for QualDoc, a Richmond, VA-based staffing firm. The new facility builds on an existing relationship between LSQ and QualDoc; the company is a long-time user of Qwil powered by LSQ, an integrated payroll finance solution that serves staffing suppliers across numerous industries.
“Not only has LSQ been critical to funding our fast-paced growth, but they have also been the most responsive financing institution that we have ever worked with,” Stu Burgh, president of QualDoc, said. “Finding a partner that is as fast paced and responsive as a small business has been a real blessing.”
“It’s always satisfying to be able to grow our partnerships with existing clients,” DJ Krystopa, regional vice president at LSQ, said. “As QualDoc grows their business, they need additional liquidity for their clients who don’t take advantage of the Qwil solution. By accessing on-demand access to cash in their other receivables, they are able to further boost their working capital position to take advantage of new opportunities.”
“Companies are most successful when they have multiple levers to support their liquidity,” Richard Lee, COO of LSQ, said. “QualDoc had a great financing option with Qwil (early-payment program for managed service provider [MSP] invoices), but it was limited due to participation by their clients. LSQ was able to provide a flexible early payment solution for both MSP and non-MSP invoices, to support Qualdoc’s ongoing growth.”
