Ladies and Gents,

I have closed a couple of deals this year where the Company was generating in excess of $5mil/Year, had a small bank line ($100-$300K) and used cash advances to help with working capital because their bank would not increase their line. One of the Companies has $750K in AR outstanding. We provided a factoring facility that paid off the LOC and the cash advance and is revolving. The Company was able to get caught up on some extended payables and can now better manage day to day needs and fund growth. We were not as cheap as the bank LOC, but were much cheaper then the cash advance and were able to provide much more liquidity.

Also be on the lookout for companies that are factoring and are seeking a more cost effective facility. Chances are, our rates are going to be more cost effective as our cost of capital is very low. They may qualify for an ABL facility which would also reduce cost.

As a reminder: We are Seacoast Business Funding, a division of Seacoast National Bank. We offer flexible working capital solutions in the forms of factoring and asset based lines of credit. Out Ideal Client:

-Selling products and/or services to commercial customers. No construction or healthcare with insurance or Medicare/Medicaid is the payer.
-Anywhere in the US
-Revenues from $2Mil to well over $100Mil
-Facility Size Need: $300k to well over $20Mil

Yes-We are a division of a bank, but that does not mean I cannot finance a challenged company.
Yes-We pay referral fees on deals closed. Factoring referral fees are up to 15% of the net spread over the life of the client.

Best,

Kevin