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SVBusiness Capital Provides $1.5MM to Staffing Company

March 05, 2015, 07:28 AM
Filed Under: Staffing Services

SVBusiness Capital has announced the issuance of a $1.2MM revolving line of credit and a $300M term loan to a California based staffing company. The proceeds were used to cure a Federal tax lien as well as to support the company's growing base of revenues.

SVBusiness Capital was able to extend these credit facilities based upon the company’s thirty year track record of providing professional, technical and engineering support to their strong customer base. However, due to two significant debtor concentrations as well as the difficulty in managing the voluminous billings associated with these large account debtors, SVBusiness Capital devised a multi-faceted borrowing base apparatus.

By combining a bulk style monitoring method for the aforementioned debtor base along with a detailed borrowing base for the remaining accounts the company was able to comfortably conform to the reporting requirements necessary to finance their growing business.

Kevin O’Hare, SVP and group manager of SVBusiness Capital remarked “Our ability to be creative and comfortable with the collateral monitoring technique enabled us to extend a flexible revolving credit facility as well as a four year fully amortizing term loan together of which have revitalized this venerable business.”

SVBusiness Capital, a division of Scott Valley Bank, is a direct lender that specializes in asset-based lending services designed to support the growth of American companies. Our specialty finance programs can be designed and tailor made for businesses requiring unique borrowing arrangements. Credit facilities range in size from $250,000 to $7.5 million and are typically utilized by businesses with revenues starting at $1MM on up to $50MM plus.

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