This case study shows how Diversified Funding Services (DFS) recently helped a Temporary Staffing Company eliminate their cash flow problem.
Maria Gonzalez is the owner of a temporary staffing company in Georgia. She contacted Diversified Funding Services (DFS) regarding her recent struggles to meet operating expenses due to her company’s rapid growth. Maria has organically grown her company since launching. A new firm Maria used to staff some of her employees began requiring that they receive Net 60-day terms. This put Maria’s working capital in a tight spot and caused some financial stress. Maria needed help finding a resolution to this issue that would free up some of this cash immediately instead of waiting 60 days to receive payment. Maria contacted DFS and with the assistance of one of DFS Account Executive we were able to assist Maria through the entire process and provided her a facility line. Maria’s Company had credit worthy customers allowing DFS to fund as soon as possible. The Team at DFS was able to get Maria and her staffing company approved within a few short days.
After completing the application and reviewing the proposal which included her advance rate and fee rate structure, Maria felt confident that she had found the right funding solution for her company. Maria sorted her first batch of invoices and submitted it to DFS to begin the verification and funding process. DFS finished doing their due diligence and gained access to the invoices. Maria’s first scheduled batch of invoices to DFS went through the process of properly noticing those customers in which Maria chose to factor with DFS. After receiving verification that the invoices were approved for payment Maria received her advance via wire and she was able to proceed with meeting her financial obligations. These obligations included payroll, being able to hire more employees, and provide more training.
Maria no longer feels the crunch of not having enough working capital to grow her company. Maria was able to keep her business growing due to the help of DFS. Maria submits her schedules on a weekly basis and can count on DFS to provide adequate and timely funding. In addition, DFS provides a point of contact that will monitor her back office and be an extension of her team by providing her with accurate reporting, credit monitoring, collection calls and more. To find out if factoring is right for your business, call the experts at Diversified Funding Services today.