Accounts Receivable Line of Credit

Healthcare IT Staffing Company



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.  


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Kerry Coker, KAMADO JOE

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