Accounts Receivable Line of Credit
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.
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.
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Kerry Coker, KAMADO JOE
"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
""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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