Accounts Receivable Line of Credit
Founded in 2012, this temporary staffing and consulting company services a variety of industries with a focus on healthcare. Due to personnel shortages created by Covid, the company saw a significant increase in permanent placement requests as well as more traditional temporary staffing contracts. Given the long-term nature of payment on permanent placements as well as the need to adjust staffing levels for projected growth, management was seeking a cost effective and quick financing solution to fund operations.
Introduced by a banking referral partner, Magnolia moved quickly to gain insight into the business. Having a deep understanding of the temporary staffing space coupled with the extensive experience of the owner, Magnolia was able to quickly approve a $100,000 A/R Finance line that included a $50,000 sublimit for permanent placement business. As with all Magnolia credit facilities, the working capital support was quickly delivered, competitively priced and will grow to keep pace with projected increases in top line growth.
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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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