GCBC 20th Anniversary - Employee Growth
This year, GCBC celebrates its 20th anniversary, and we thought we'd take a moment to look back on some of our past accomplishments. Since the company was founded in 2000, GCBC has grown from 5 to 170 employees! Over the last 20 years, GCBC’s commitment to our valued employees has provided prosperity for families across the United States.
GCBC 20th Anniversary - States
This year, GCBC celebrates its 20th anniversary, and we thought we'd take a moment to look back on some of our past accomplishments. Since the company was founded in 2000, GCBC has funded deals in over 48 states! Over the last 20 years, GCBC’s commitment to our valued client relationships has provided growth for businesses and prosperity for families from South Carolina to California, and almost everywhere in between!.
GCBC 20th Anniversary - Clients
This year, GCBC celebrates its 20th anniversary, and we thought we'd take a moment to look back on some of our past accomplishments. Since the company was founded in 2000, GCBC has funded over 5,000 clients!
IFA Appoints GCBC’s Meg Roberson to Advisory Board
Gulf Coast Business Credit (GCBC), the Factoring, Accounts Receivable Finance and Asset-Based Lending Division of Gulf Coast Bank & Trust Co. (GCB&T), is proud to announce that the International Factoring Association (IFA), the world’s largest association of commercial finance companies, has appointed GCBC’s Meg Roberson as a new Advisory Board member.
IFA Appoints GCBC’s Meg Roberson to Advisory Board
Sales Team Roundtable: Common Misconceptions about Factoring
What have you heard about factoring? Gulf Coast Business Credit gathered four of their Business Development Officers to discuss common misconceptions about factoring. Here’s what they had to say when asked …
What are some prevailing misconceptions about factoring?
Adam Landry: Many people have the perception that factoring is “expensive”, but in reality prices in the factoring industry have been declining since 2008. Why would that be? Supply and Demand. When banks were forced to have tighter lending parameters, more and more people turned to factoring as an alternative source for financing. Today there are more factoring companies than ever before, which has resulted in lower costs for customers as factoring companies compete for business. Costs will still vary between factoring companies, but typical costs should be between 1-2% per invoice.
Jeremy Talton: One misconception is that if a company is factoring their invoices, their customers and potential customers will view this negatively. The reality today is that the financial marketplace is now very diverse, being composed of traditional banks, asset-based lenders and other alternative capital sources, and factoring is one very efficient way to access working capital in the spectrum of available sources. Some of the benefits of factoring, including generous advance rates, quick conversion to cash, and lack of financial covenant requirements make this a very attractive source of capital for a wide range of businesses.
John Whitaker: Most folks assume that if a business is using a factor that their core business is struggling. Oftentimes, it is the exact opposite....with exploding growth placing a heavy burden on cash flow. Factoring provides a solution that can allow companies to grow without taking on additional debt or giving up equity in their company.
Robert James: When I talk with clients, they are concerned that they will be stuck in a long term contract and that they have to factor all invoices, which is not the case. Gulf Coast Business Credit has very flexible contract terms and no monthly minimums. We allow our clients to pick and choose which invoices they want to factor. Then another misconception is that we are also a hard-core collection agency and when an invoice ages out, we will make nonstop calls to the debtor for payment. This is not the case either. The last thing we want to do is come between the relationship of our client and their customer. We leave it to our clients to contact their customer if an invoice starts aging out.
We hope this discussion has given you a better idea of what factoring really is. The five most common misconceptions our Business Development Officers revealed in this discussion were: factoring is expensive, the company who chooses to factor fears their customers and potential customers view factoring negatively, factoring is for struggling businesses, if clients choose to factor they are stuck in a long term contact where they have to factor all invoices, and that factoring companies hound debtors for payments.
As a division of Gulf Coast Bank & Trust, GCBC helps provide accounts receivable financing 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, Tennessee, Texas, Oklahoma, and Louisiana.
If you are a commercial lender, be sure to check out our Referral Rewards promotion where if you send us a deal in June that closes before 2016, we will send you a GoPro Hero3 camera. To learn more about Gulf Coast Business Credit, contact us by phone at 866-577-8867 or by email at email@example.com.
Business Development Officers who participated in this discussion:
Article Posted On: June 11, 2015