$15M Line of Credit Secures Payroll for Electrical Engineering Firm
Funding Received:
$15 Million
The Challenge
On pace to outperform its previous year’s positive net income, a Louisiana-based electrical engineering company that serviced ocean-going vessels had grown to over 80 full-time electricians over two decades, not including the electricians it placed with clients as a temporary staffing resource.
The rising tide lifted the company beyond their alternative lender’s reach, so they transitioned to a traditional lender where the relationship didn’t go as planned. The new lender lacked a level of customer service expected by the company and an efficient verification process demanded by their own customers. The owner shopped around to find a more mature and reputable alternative lender who could accommodate projected growth
Our Solution
As one of several lenders under consideration, Alterna rose to the top when the business owner met our team and learned about our partnership approach to small business growth financing. In discovery, we learned about the client’s growing customer base highlighted by both an ability and willingness to pay the client’s invoices.
Nonetheless, some payments from temporary staffing customers were extended and caused a working capital gap that impacted payroll. Understandably, meeting payroll was critical for the client. We moved quickly to fund within seven days of introduction, and kept working closely with the owner on a long-term strategy for continued growth.
Measured Results
90% Advance Rate
90% advance rate on accounts receivable
Closed Payroll Gap
Rapid funding helped fill the gap in payroll for a temp staffing workforce
Partner with Alterna
If your business needs faster, more flexible access to working capital, Alterna is ready to be the partner behind your next move.
