Staffing Firm Limited by Bank Line Of Credit
- Current Client
- Locations: Colorado & Maryland
- Business Model: Temporary Staffing
- Industry Vertical: IT
“Banks say no. They look for big collateral. They look for perfect credit. They’re looking for everything most small businesses don’t have. Advance gave my staffing firm the resources and opportunity we needed. That is the greatest blessing.” – Denise, Owner
Background/Problem
‘IT Staffers’ is a small, woman-owned staffing firm, focused primarily on IT staffing and places temps nationwide. They were growing and had a line of credit (LOC) with a conventional bank.
IT Staffers reached a point where their line of credit with the bank was not enough to sustain or grow their business.
“We couldn’t manage our payroll anymore, which is obviously a bad problem to have. Our bank’s requirements were so stringent, and they wouldn’t increase our line of credit. It really got us to the point where we would have to close our doors.”
The Approach
Denise looked for alternative options to her staffing firm’s bank line of credit and contacted Advance for payroll funding for her company.
“Advance helped us at a critical time in our business. Our line of credit could no longer sustain us, let alone allow us to grow, and Advance really did come to the rescue.”
The Results
When Denise came to Advance, she gained not only the payroll funding she needed for sustaining her business, but also the capacity for growth.
“If you grow 1%, but you’re short for payroll, your business is over, and the bank doesn’t care. You can’t grow without funding. Before I would have worried, or shied away from new contracts. Now, I have peace of mind, and we strategically go after larger contracts, knowing we’re secure in our financing.”
If you are considering our services and would like to speak with Denise or one of our other current clients, request a free consultation.
{To protect our client’s privacy, we have omitted their company name from the above case study. Denise is a real person, and her company is a current client with Advance Partners.}
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