ALLIED AFFILIATED FUNDING PROVIDES $500,000 IN RECEIVABLES FINANCING TO RAPIDLY GROWING HEALTHCARE STAFFING AGENCY – SEPTEMBER 18, 2020
Date Funded: September 18, 2020
Facility Amount: $500,000
The Company: Founded in 2015, this healthcare staffing agency was founded by nurses aiming to resolve staffing shortages through on-demand technology. The company created an app and web portal where facilities can simply locate and connect with clinicians to fill staffing needs. After a few years of research and development, the agency took on its first customers in 2019 and was generating $140K in monthly sales by March 2020.
The Challenge: As was the case for many businesses, sales plummeted in April 2020 due to the COVID-19 pandemic. Fortunately, business rapidly picked up and by mid-summer 2020, sales had returned to pre-COVID levels, reaching $300K per month by December.
Rapid growth for the client necessitates a need for working capital to help cover ever increasing payroll needs. The client has been historically funded by independent investors and self-funding. After a negative customer service experience with another factoring service, the client’s bank referred them to Allied.
The Solution: Allied is providing accounts receivables financing on invoices.
The Win: This company was able to create a working capital cushion for themselves by choosing to partner with Allied. When payroll comes, they now rest easy.