What is Temporary Staffing Factoring and How Does it Work?
All temporary staffing agencies need access to working capital in order to consistently make payroll. And for staffing companies experiencing growth, the importance of reliable access to cash is even greater. This is why many temporary staffing agencies finance their payroll through factoring companies.
GCBC Hires Vincent Miller as Credit Analyst/Underwriter
Gulf Coast Business Credit (“GCBC”) has experienced impressive growth over the first half of 2018. This not only applies to portfolio growth, but also to the size of the underwriting team. For the second time in 2018, a new Credit Analyst/Underwriter has been added to the team! GCBC is proud to welcome Vincent (“Vince”) Miller as a Credit Analyst/Underwriter for its Austin, Texas location.
Gulf Coast Business Credit Hires Aaron Renaud as New Underwriter
Austin, TX - Gulf Coast Business Credit (“GCBC”), a nationwide provider of accounts receivable finance and asset based lending, is pleased to announce the recent hiring of Aaron Renaud as Underwriter in their Austin, TX location. “We are excited and feel fortunate to welcome Mr. Renaud to the GCBC team. Aaron will play a key role to support recent portfolio acquisition and continued organic growth,” said Meg Roberson, GCBC’s National Sales Manager.
GCBC Hires Rochinda Archuleta as Project Manager
Due to substantial growth, Gulf Coast Business Credit (GCBC) recently hired Rochinda Archuleta as Project Manager.
GCBC’s Ryan Dendinger moves to Dallas Market
Gulf Coast Business Credit (“GCBC”), the factoring and asset based lending division of Gulf Coast Bank & Trust Co., announced major success in the first half of 2018 leading to an exciting move for GCBC Business Development Officer, Ryan Dendinger, to the DFW Metroplex. Ryan will join the Dallas team at the 5949 Sherry Lane, Park Cities location with approximately 25 other employees located in that regional office to date. Prior to his move, Ryan was an Underwriter for GCBC out of the Austin, TX location.
GCBC kicks off 2017 by funding 101 New Deals
Gulf Coast Business Credit (“GCBC”) started 2017 off right with 101 new Accounts Receivable Factoring and Asset Based Lending (ABL) relationships.
Amongst the new client relationships booked were a $4,000,000 working capital facility to a Louisiana based oil field service company, a $3,000,000 working capital facility to a Texas based fluid transfer company, and a $1,000,000 working capital facility to an Ohio based staffing company.
The Louisiana based oilfield service company was referred to Gulf Coast by their current banker due to a strain on the company’s financial covenants – they were not able to maintain compliance. The company lost money the prior year but had tremendous growth opportunities on the horizon. “After speaking with multiple funding companies, we quickly realized Gulf Coast offered the best fee structure and they were able to give us what we needed to continue to grow” said the company’s CEO.
The Texas based fluid transfer company was referred to GCBC by a vendor. The vendor realized the company was having trouble keeping up with their payments and thought of GCBC as a great solution. The fluid transfer company actually already had a funding relationship with another factoring company, but they were not getting the availability they needed on all their debtors to keep up with growth and pay their vendors. GCBC was able to offer more availability in addition to becoming a lower cost provider for the company. The company was finally able to pay its vendors and not stress over taking on new business.
The Ohio based staffing company was referred to GCBC by a top referral source (this deal came directly from an independent broker). The staffing company has a focus in staffing within the transportation sector which led them to create a new entity. GCBC was able to provide growth capital to both the start-up and existing staffing entities.
As a division of Gulf Coast Bank & Trust Company, GCBC provides accounts receivable factoring to a variety of customers. GCBC is a leading provider of working capital finance throughout the United States with production offices located in Colorado, Georgia, Louisiana and Texas. To contact GCBC, please call 866-577-8867, or you can email us at email@example.com.
To stay informed with current promotions at GCBC and discuss ongoing issues the accounts receivable factoring industry faces, GCBC formed a group on LinkedIn. Click here to join this group.
|Invoice Factoring||Small Business Finance|
|What is Factoring?||Temporary Staffing Factoring|
|Accounts Receivable Factoring||Financing Alternatives|
|Freight Factoring||Asset Based Lending|
Article Posted On: June 20, 2017