GCBC finishes strong Q3 with 43 fundings
Gulf Coast Business Credit (“GCBC”) had a great third quarter, closing 43 new Accounts Receivable Factoring and Asset Based Lending (ABL) deals. Amongst the new deals funded were a $4,000,000 working capital facility to a Louisiana based staffing company, a $300,000 working capital facility to a Texas based manufacturing company and a $200,000 working capital facility to a California based transportation company.
Gulf Coast Business Credit Welcomes 2019 Summer Interns!
Gulf Coast Business Credit (“GCBC”), the working capital finance division of Gulf Coast Bank & Trust (“GCB”), is pleased to announce its new team of interns for summer 2019. GCBC offers interns hands-on training in finance, sales/marketing, accounting and underwriting. Meg Roberson, GCBC’s Senior Vice President noted, “We are thrilled to welcome Lacey Bohanan, Kyle Hladky, Will Huber, Mike Mondragon and Sam Wheeler to GCBC. Our internship program is critical to our talent recruiting as we seek to hire and foster the next generation of GCB leaders.”
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.
How Temporary Staffing Factoring Works
Every staffing agency needs access to cash in order to overcome the challenges associated with consistently funding payroll. And for staffing companies experiencing growth, the importance of reliable access to capital is even greater. This is why many temporary staffing agencies finance their payroll through factoring companies.
What is Temporary Staffing Factoring?
Staffing factoring is a way that staffing agencies, which ordinarily have to wait 30 to 60 days to receive payment from a customer, can turn their accounts receivable into instant cash. With this reliable access to working capital, your staffing company has the tools it needs to fund payroll today and focus on future growth tomorrow.
Staffing Factoring Companies
Temporary staffing factoring companies purchase your invoices and advance you money within 24 hours. The advance rate varies by your customer’s credit histories and few other criteria. Factoring companies consider your customer’s ability to pay, not yours. The biggest attraction to staffing factoring is not being held captive by slow-paying customers. Accounts receivable factoring lets you turn your invoices into cash that can immediately be used to meet payroll and fund growth.
How to Choose your Staffing Factoring Company
Not all staffing factoring companies are created equal. Some rely on financing from outside sources. These factoring companies do not have access to their own pool of cash and must partner with a bank and pay that bank for access to their capital. Then there are factoring companies which are integrated within banks. These types of factoring companies are direct lenders and do not have to rely on financing from outside sources. These “bank-backed” factoring companies offer a wider variety of customer solutions and more funding capacity than traditional, non-bank-affiliated factoring companies. Bank-backed factoring companies also enjoy a lower cost of funds than the majority of their competitors. This lower cost is passed on to their clients in the form of lower fees. As a result, bank-backed factoring companies offer the most competitive rates in the industry.
Hopefully this overview of how staffing factoring works has been beneficial and you’re starting to feel like you’re getting a handle on it. If you are tired of waiting 30 to 60 days for your customers to pay, then fill out the Gulf Coast Business Credit Quick Quote and one of our team members will contact you immediately. We can help you increase your cash flow, easily fund payroll and accomplish all of the goals that you have set for your Staffing Agency. Plus, Gulf Coast Business Credit is a bank-backed staffing factoring company, so we can offer all of that combined with the most competitive rates in the industry.
|Invoice Factoring||Small Business Finance|
|What is a Factoring Company?||Temporary Staffing Factoring|
|What is Factoring?||Benefits of Factoring|
|Accounts Receivable Factoring||Financing Alternatives|
|Freight Factoring||Asset Based Lending|
Article Posted On: April 20, 2016