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GCBC kicks off 2017 by funding 101 New Deals

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 gcbcinfo@gulfbank.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.


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