Asset-based lending | Temp Staffing
Non-Traditional Lines of Credit for Temporary Staffing Agencies
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Our expert asset-based lending and line of credit team understands the payroll funding requirements of temporary and contract placement staffing agencies.
We offer a non-traditional line of credit that is secured with the agency's receivables, designed to help a temporary staffing agency improve its cash flow and provide constant capital to meet payroll or other operating expenses.
Our non-traditional line is a ledgered line of credit that offers many of the features of a bank line of credit but without restrictive covenants.
It can benefit a staffing company in a variety of situations, such as being rejected for traditional bank financing, struggling to meet expenses, or facing a receivables concentration. Furthermore, neither audit requirements nor financial covenants constrain the business.
Pricing is similar to an ABL line structure, typically prime + % plus a service fee. We charge the service fee monthly on the gross amount of invoices and charge interest on the amount of funds drawn, thereby controlling the cost of funding.
These are the advantages:
- No long application or complicated forms
- No concentration restrictions
- No audit requirements
- No restrictive financial requirements
- No restrictive covenants
- No financial ratio requirements
- Plus other benefits
- Get started here