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Staffing Company

Challenge

  • Attempting to expand too quickly, a minority-owned staffing company with annual revenues of $4 million exhausted its working capital line of credit with a local bank.
  • The company fell behind in its tax obligations and faced Federal and state tax liens

Solution

  • Based on the company’s invoices, Franklin Capital Network issued a credit accomodation of $350,000
  • Franklin Capital also assisted in obtaining a tax lien subordination agreement with the Illinois Department of Employment Security and negotiated an intercreditor agreement with their bank
“We’re a small company and we don’t have the cash laying around to finance all of our purchase orders. Our relationship with Franklin allows me to focus on my business. I wear a lot of hats in my business and now I don’t have to wear the hat of financing my business.”

President, Southern California Fashion Designer and Distributor