“The Former Bank-Line-of-Credit Client”

Funding with Flexibility^TM is not just a motto, it’s a fact of life at Advance and has helped many firms continue to grow beyond typical bank parameters, just like this client from Chicago, IL.

The Challenge: This rapidly growing firm was experiencing problems with a large, well-known, national bank in growing their line-of-credit to support an ever-increasing accounts receivable burden. Without improved financial flexibility and the ability to meet increased payroll obligations; the firm might have to forsake competing for large-contract growth opportunities. This established firm was experiencing incredible growth in a highly specialized niche within the contract labor industry. After years of nurturing a solid relationship with their bank, the firm ultimately discovered their existing multi-million dollar line-of–credit was inadequate to cover their current and potential growth. Their solid banking relationship notwithstanding, the firm was unable to secure a sufficient line of credit necessary to support growth.

The Advance Solution: The Advance team evaluated the client history and existing opportunities, studied potential growth prospects, agreed with the business model, and felt comfortable with the added exposure. Within four business days, Advance funded more than $3 million and provided room for additional growth up to $5 million. This enabled the firm to win multiple national contracts, increasing weekly billings by more than 30 percent.

“Advance gave our firm the ability to take on business in the midst of an incredible growth period. Our bank simply was not able to understand the opportunities in front of us and provide the necessary working capital support for us to be able to take advantage of it. Advance moved quickly to provide us the capital we needed….when we needed it. Thank you Advance !”

Current client
5 Years
Chicago, IL