Results 1 to 1 of 1
-
06-09-2020, 03:48 PM #1
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Ideas: Supply Chain Financing-Factoring
Hi DF,
Most of you know we are Seacoast Business Funding, a division of Seacoast Bank. We are the asset based lending and factoring division of the bank. We partner with a companies in a variety of industries nationally. We are unique in the market as we are bank owned yet can still work with companies facing challenges.
COVID has drastically disrupted the credit markets and at the same time the supply chain for crucial items that are currently in demand and will be in demand for the foreseeable future. Many manufacturers or wholesale distributors have had terms cut or limited by suppliers and customers are asking for extended terms or payments have become slower during the pandemic. This has created massive working capital issues for companies that either don't qualify for tradition lines of credit or their banks are not increasing lines of credit. Factoring is a great solution to increase cash flow while many of these companies are seeing high demand for products.
Our Ideal Client:
-Based anywhere in the US.
-Manufacturers or distributors of products that are sold to large commercial customers. Importers of goods are experiencing more of a working capital burden.
-Products sold: Grocery store items, cleaning supplies for commercial and home, and medical supplies.
Revenues: $2Mil to well over $300Mil.
Example: We are working to close a factoring facility for a company that is a wholesale distributor of cleaning supplies and sanitizers that are sold in grocery stores and on-line retailers. Some goods are sold to commercial customers that operate large facilities and medical facilities. Some of the goods are procured domestically from suppliers and a large portion is imported. The did $10Mil in sales last year and had a small LOC with their bank of $750K. This year sales have already doubled due to demand for products. Their bank was not willing to increase their LOC. We are closing a $5Mil factoring facility to help with working capital.
Best,
KevinKevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
Similar Threads
-
Why CFO's Should Adopt More SCF- SUPPLY CHAIN FINANCE
By Quick Funding Solutions in forum All Other LendingReplies: 2Last Post: 06-21-2018, 11:17 PM -
Factoring, PO Financing, Inventory Financing
By Sachip24 in forum All Other LendingReplies: 5Last Post: 06-16-2017, 04:31 PM -
Need Lender That Does Supply Chain Financing ...
By Isoloans in forum Deal BinReplies: 2Last Post: 04-18-2015, 02:40 PM -
Need Lender That Does Supply Chain Financing ...
By Isoloans in forum Business LoansReplies: 2Last Post: 04-13-2015, 01:10 PM -
PO Financing/Factoring
By skideeppow in forum Merchant Cash AdvanceReplies: 18Last Post: 08-08-2013, 03:44 PM