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 Summer ’16 by funding 40 New Deals
Gulf Coast Business Credit (“GCBC”) started Summer 2016 off with a big splash! During May and June, GCBC funded 40 new Accounts Receivable Factoring and Asset Based Lending (ABL) relationships.
Amongst the 36 new client relationships there was a $150,000 working capital facility to a Texas based transportation company, a $750,000 working capital facility to a Louisiana based oilfield service company, and a $500,000 working capital facility to a California based staffing company.
The Louisiana based offshore staffing company was referred to GCBC by a community banker. The company had significant growth potential with new offshore contracts, however, as a young company, they didn’t have enough history for their bank to get comfortable increasing their line of credit. GCBC was able to give the company the working capital they needed to grow while allowing the community bank to keep their depository relationship.
The California based staffing company was referred to GCBC by an existing client. The company provides temporary staffing to distribution and warehouse facilities located throughout the west coast. In order for the company to meet payroll and other expenses, they needed more availability than their current factoring company was able to provide. The company chose GCBC for its accounts receivable factoring needs but that decision was driven by a variety of reasons including flexible terms, competitive rates, and GCBCs expertise within the staffing industry.
The Texas based transportation company was referred to GCBC by a CPA. The company has a fleet of 4 trucks and specializes in hauling flatbed loads throughout the US. With over 10 years of dedicated experience in the transportation industry, the owner wanted to start up his own company and chose GCBC for its expertise along with immediate funding, flexible terms, and competitive pricing. The company was happy about GCBC’s pricing and excited to have access to capital to grow the business and add 2-3 more trucks to his fleet.
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 firstname.lastname@example.org.
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: July 21, 2016