Accounts Receivable Line of Credit
Formed in 2020, this growing staffing company places IT workers with a variety of healthcare systems across the United States. The company pays its workers twice monthly but only receives payments from customers approximately 45-60 days from invoice date. Rapid growth created a cash flow crunch as the company needed additional working capital to support their growing payroll. Despite the significant growth, the company was not yet profitable and was unable to secure a traditional bank line of credit.
In order to help an existing customer, the banker referred the company to Magnolia Financial. 24 hours after receiving the preliminary financial information, Magnolia extended the company a $400,000 Accounts Receivable Line of Credit. Instead of worrying about the costs of carrying increased payroll, the company now has the working capital it needs to continue on its growth trajectory and expects to be profitable by the end of the year.
We're happy to share more stories of how our capital solutions helped businssess like yours.
Contact us todate to request more.
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.""
Apply now for the solution that fits your needs, or contact us to speak with someone directly.