Nurse staffing company closes the payroll gap with a $1 million factoring line
AR Funding is proud to welcome this healthcare staffing company as one of its newest clients.
AT A GLANCE
Industry: Healthcare staffing
Company size: ~$1 million annual revenue
Reason for applying: Payroll challenges
Cash available through factoring: $1 million
PROBLEM: Accelerating growth widens the payroll gap
Founded in 2018, this staffing and placement company provides a range of healthcare providers, including specialized nurses, aides, assistants, and therapists, to healthcare facilities in the Mid-Atlantic region.
For the first few years, business growth was slow and steady, but more recently, the company’s growth projections have risen steeply. With a biweekly payroll and payment terms of up to 60 days, the company needed to solve its cash-flow issues in order to keep up with the demand for placements.
SOLUTION: $1 million factoring credit line
The company owner was referred to AR Funding by another staffing company, and was approved for a $1 million factoring credit line based on the quality of the company’s client list. This credit line will enable the owner to place a larger number of staff without worrying about meeting payroll, and he now has plans to expand into other staffing areas, including IT, retail, legal, and skilled labor.
This happy client received financing with help from Crawford Reeves, Regional VP, Southeast Region. Find out how much cash your company can access through invoice factoring. Talk to us.