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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
“If you need a factor I can’t imagine anyone better to work with.”

President, North Carolina Pool Table Manufacturer