Staffing company ramps up labor force with a $300,000 factoring line
AR Funding is proud to welcome this temporary staffing company as one of its newest clients.
AT A GLANCE
Industry: Temporary staffing
Company size: $1 million annual revenue
Reason for applying: Ineligible for bank loans
Cash available through factoring: $300,000
PROBLEM: Lack of cash inhibits growth
This owner-operated company specializes in providing temporary labor for the transportation industry. A gradual rise in the number of road works projects across Maryland and adjacent states created an opportunity for the company to expand as the demand for temporary flagmen grew.
However, with so many new contractors joining the company and logging hours, the company’s ability to meet payroll was in jeopardy.
SOLUTION: $300,000 factoring credit line
Because the business lacked collateral or a substantial credit history, the owner was unable to qualify for a bank loan. After researching alternative options, they contacted AR Funding to see whether invoice factoring could generate the cash flow needed to grow the contract workforce.
AR Funding completed due diligence and extended a $300,000 factoring credit line to the business within 10 days, which enabled the owner to meet payroll and confidently accept new contracts across the DMV.
This happy client received financing with help from Mike Clark, Regional VP, Northeast Region. Find out how much cash your company can access through invoice factoring. Talk to us.