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Wintrust Receivables Finance Closes $20MM Line of Credit for Temporary Staffing Firm

September 07, 2023, 07:26 AM
Filed Under: Staffing Services

Wintrust Receivables Finance (WRF) closed a new $20 million account receivable line of credit for a Great Lakes-based temporary staffing firm. The Company is a preferred staffing agency for some of the nation’s leading employers within the industries of aerospace, automotive, energy, oil and gas, power, and telecommunications. To service its client base, the company works with some of the largest MSPs in the world, which can lead to significant account receivable concentrations.
Recently the Company has seen its revenue growth begin to slow as many of the sectors it serves have begun to scale back their operations given the current economic landscape. This has resulted in margin compression and overall deterioration of the Company’s bottom line. This made obtaining traditional bank financing difficult given the recent trends in financial performance, combined with the customer concentrations within the AR collateral. With the $20 million facility now in place, the company has the liquidity and availability to navigate through the current market conditions.

“It is easy for a bank to be there for a Company when times are good, but our ability to help companies such as this one ride the wave of economic cycles is what we believe is a true differentiator from our competitors in the market,” says WRF Executive Vice President and Group Head, John Marrinson. “We believe that the value we bring to the market is WRF’s ability to step in and provide a solution — within a bank environment — where others couldn’t. We believe that with this facility now in place, the company has the financial support and access to liquidity it needs to ride the wave of the current economic environment.”

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