Accounts Receivable Line of Credit
Commercial Painting and Drywall Company
Situation
In business for less than one year, this early stage company provides commercial painting and drywall services for a variety of homebuilders across the southeastern United States. The company quickly earned a reputation for providing quality service in a timely manner. As the company added new customers, the owner realized he needed a working capital line of credit to support the growth. With less than a year in operation, the owner was unable to secure a traditional bank line of credit.
Solution
Despite the company's limited operating history, Magnolia understood the value of their Accounts Receivable and extended them a $500,000 working capital line of credit within 24 hours of receiving the financial information. Instead of potentially turning away new purchase orders because of a lack of cash flow, the owner now has the working capital needed to finance the growth. The company now expects to be "bankable" within 12-18 months.
What our Clients Say
Kerry Coker, KAMADO JOE
"A Breath of Fresh Air"
"The Magnolia guys have a real ‘can do’ attitude. Marc Smith and his team are super responsive and upbeat. They can fund within a matter of days. They are always looking for positive opportunities for their clients. It's a breath of fresh air to work with someone like that."
Frank Workman, Dealers Supply & Lumber Company
"Available when we needed them"
""Magnolia was really available when we needed them, and the leadership at Magnolia was empathetic to the cold, harsh nature of traditional banking. It gave us a tremendous amount of comfort during a difficult time. Marc Smith and his team really understood where we were, where we were going and gave us the help we needed to get there.""
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