"We would have literally said 'no' to new business without the financial flexibility from Advance Partners. They afforded us the opportunity to say 'yes.' There was never another worry if we were going to make payroll." ~ Client Quote
Challenge: The staffing firm was self-funded for several years, but after opening a second office and continuing to add new business, they struggled with slower paying clients and having enough cash flow for payroll. They applied for and utilized a bank line of credit, but found it was a vicious cycle: growth required them to continue extending their LOC while the bank wanted it continuously paid down. Next, they worked with their bank to switch from an LOC to receivables funding but had major challenges getting financial approval for clients and hit credit limits unrelated to their own volume.
“It became very stressful a nd every week we wondered if we were going to make payroll. We had never had a default. We had never had a receivables problem. It was unbelievable that this was happening when we were doing well and our business was growing. It was a nightmare."
Solution: The staffing firm looked for other financial solutions. They had apprehensions about partnering with a payroll funding company and always assumed a bank was the best way to go.
“But when we began a relationship with Advance Partners it was like all our worries immediately went away. We did payroll Monday and invoices Tuesday. The best part was the money would be in the bank and we would never get to Friday and wonder if we had enough to make payroll. The stress was removed and everyone at Advance Partners was wonderful. It gave us complete peace of mind.”