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This third generation family business has produced Garment Covers since 1939. Despite the downturn in the economy, the company managed to stay profitable. However, slow paying customers put a constrain on their cash flow. As a result, they were unable to pay some suppliers in a timely manner and could not take early pay discounts that were typically offered.
Magnolia Financial provided the company with a $100,000 Accounts Receivable Line of Credit. The additional working capital has allowed the company to cover monthly expenses and also take advantage of supplier discounts. The savings have helped improve the bottom line. In addition, Magnolia is now acting as the company's Outsourced Accounts Receivable Department: providing credit reports and monitoring to ensure they maintain a quality Accounts Receivable portfolio.
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