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Helping a temporary staffing and consulting company fund its operations

Accounts Receivable Line of Credit
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Woman sitting at desk as temporary staff helping another woman

Situation

Founded in 2012, this temporary staffing and consulting company services a variety of industries with a focus on healthcare. Due to personnel shortages created by Covid, the company saw a significant increase in permanent placement requests as well as more traditional temporary staffing contracts. Given the long-term nature of payment on permanent placements as well as the need to adjust staffing levels for projected growth, management was seeking a cost-effective and quick financing solution to fund operations.

Solution

Introduced by a banking referral partner, Magnolia moved quickly to gain insight into the business. Having a deep understanding of the temporary staffing space coupled with the extensive experience of the owner, Magnolia was able to quickly approve a $100,000 A/R Finance line that included a $50,000 sublimit for permanent placement business. As with all Magnolia credit facilities, the working capital support was quickly delivered, competitively priced, and will grow to keep pace with projected increases in top-line growth.

A Breath of Fresh Air

The Magnolia guys have a real ‘can do’ attitude. Marc Smith and his team are super responsive and upbeat. They can fund within a matter of days. They are always looking for positive opportunities for their clients. It’s a breath of fresh air to work with someone like that.

– Kerry Coker, Kamado Joe
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