Porter Capital, a provider in specialty financing solutions for businesses nationwide, completed a financing agreement for an international healthcare staffing agency headquartered in Virginia. The agreement, consisting of a $15 million factoring facility and a $5 million term loan, replaces a conventional loan, injects critical liquidity and helps the agency avoid a pressured majority sale to a private equity firm.
Referred to Porter Capital by a trusted banking partner, the healthcare staffing agency needed refinancing to address several challenges, including a drop in revenue from its COVID-19 peak, a necessitated buyout of a major shareholder and a reduction in its available credit. In addition, the tight timeline, compounded by the holiday season, required Porter Capital to work swiftly and creatively. By leveraging both factoring and term loan solutions, Porter Capital enabled the staffing agency to retain control of the business while positioning it for future growth and profitability.
“This transaction showcases our ability to move quickly and structure innovative financing solutions under tight deadlines,” John Cox Miller, senior vice president, national sales manager at Porter Capital, said. “We’re thrilled to help this healthcare staffing firm secure the liquidity they need for operational stability and future growth.”
“We met with seven other alternative lenders, and Porter Capital emerged as the best of the best. Porter’s commitment to face-to-face collaboration was refreshing,” the chief legal officer of the healthcare staffing agency, said. “They worked tirelessly, even through two holidays, to deliver both factoring and a term loan, ensuring no gaps in our financing needs and flexibility to support our long-term objectives. One word to sum up our experience with Porter Capital: excellent.”
“This financing package exemplifies Porter Capital’s commitment to delivering tailored solutions that meet the unique needs of our clients, even under challenging circumstances,” Marc Porter, CEO of Porter Capital, said. “It’s partnerships like these that underscore our dedication to helping businesses thrive.”
