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.
Staffing Companies: Is Your Partner Keeping You Up At Night?
Staffing companies are well positioned for strong growth in today’s economy, but finding the right financial partner and products to allow companies to take advantage of this opportunity may be keeping some execs up at night.
Given the uptick in the economy and hiring picking up, there is an increased demand for staffing companies to fill positions in the United States. The staffing industry is poised for significant expansion! However, this growth can put companies in a very tight cash flow situation. Temporary staffing companies typically must pay bills, payroll and marketing expenses right away and without road blocks. The challenge to growth is that with increased business comes an increase in expenses and staffing companies need a financial partner that can keep up with this demand and move swiftly.
If this scenario sounds familiar, factoring and asset based lending are both products worth exploring. Factoring and asset based lending are two working capital tools that allow staffing execs to rest easy. Factors and Asset Based Lenders have the ability to be a financial partner that can provide a flexible working capital line and move at a pace that will allow companies to take advantage of opportunities presented today. This alleviates the stress of a potential cash flow shortage. Business development can take center stage!
Finding the right financial partner, one that understands the staffing industry and can be flexible enough to allow a company to scale at its own pace versus that of a traditional bank loan unlocks the door to corporate growth, allowing businesses to take advance of growth opportunities without losing a wink of sleep. A working capital facility is the first tool that a staffing company should explore when seeking flexible finance options.
Gulf Coast Business Credit (GCBC), preferred partner of the National Independent Staffing Association (NISA) and a division of Gulf Coast Bank & Trust Co. (GCB), is a working capital provider with a niche in the staffing industry. Twice a year, NISA invites GCBC to attend their conference as a preferred partner in efforts to find ways to support their members with working capital options. In a recent referral from NISA, GCBC was introduced to a North Dakota based staffing company that was able to get the working capital they needed by establishing a $100,000 facility secured by their accounts receivable with GCBC.
This article was originally published in the October 31st, 2014 edition of the NISA Newsletter.
Article Posted On: November 13, 2014