AUSTIN, Texas – nFusion Capital recently provided a $500,000 Factoring Facility to an information technology staffing company based in Michigan specializing in the temporary and permanent placement of engineers for the automotive industry. The staffing agency also places technical, manufacturing, IT, software engineering, and marketing professionals in other sectors.
The company had won a new large contract to supply technology professionals to an electric vehicle manufacturer on a mission to stop the carbonization of the atmosphere. Still, payment terms were Net 60, leaving the company with a significant funding gap. The business needed a source of working capital to meet payroll and related expenses for the additional staff required to fulfill the new contract. Their bank was reluctant to provide funding since the company had a large concentration with a single client and referred them to nFusion Capital.
Within two weeks, nFusion was able to provide a $500,000 flexible factoring facility, which gave the company the working capital fuel it needed to meet payroll and tax obligations while increasing revenue. The scalable financing also enabled it to take on even more contracts.
The company’s founder and owner was pleased with the result. “nFusion has exceeded all my expectations in all areas; I give them a score of 5 out of 5 in all aspects of their service. The funding and having nFusion take care of our accounts receivable has eliminated the stress of uncertain funds availability. It enables us to continue critical tasks such as payroll processing and paying bills. Most importantly, I can now focus on growing our business.”
“It was a pleasure to be able to give this business the financial runway needed to take on new opportunities when their bank was unable,” said Brice Reid, nFusion Capital Senior Vice President, Business Development. “Helping entrepreneurs unlock needed capital and succeed makes my day brighter.”
