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Helping a WiFi solutions company service its new contract

Accounts Receivable Line of Credit
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Person on phone connecting to the wifi device sitting next to them with laptop in background.

Situation

This company was founded in 2013 and acts as a WiFi solutions company for commercial concerns across the United States. Included in the suite of services provided for their customers are design, deployment, and training with the ultimate goal of maximizing the benefit of their internet signal and usage. More recently, the company began providing optimization services for IoT (internet of things) specifically in healthcare environments and landed a large contract with a national healthcare provider. Due to an insufficient operating trend and the concentration with the new customer, the company was unable to obtain traditional bank financing to fund front end costs.

Solution

Brought into the transaction by a local bank, Magnolia quickly assessed the capability of management and reviewed the underlying contract. Satisfied on both fronts and with a strong account debtor, Magnolia was able to quickly put into place a $300,000 Accounts Receivable Line of Credit, leveraging existing A/R to provide immediate support. As with all Magnolia working capital facilities, support can grow as business increases. With the timely availability of working capital provided by Magnolia, the company was able to successfully implement its new contract and pursue further growth in that space.

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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