Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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 were left in the lurch by our last financing company when they cancelled our $300,000 with little notice. Franklin has a consistent source of capital that is properly managed which makes us feel secure when we didn’t before.”

President, Illinois-based Logistic Company