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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 still trying to get our head above water and still struggling to get to a place where we can survive on our own. Franklin Capital helps us get through the peaks and valleys with their receivable financing.”

President, Illinois-based Machinery Manufacturer