Fast AR Funding allows for $400,000 infusion to an entrepreneurial, rapidly growing health care company
HOUSTON, July 28, 2022 /PRNewswire-PRWeb/ -- When two Austin, Texas-based entrepreneurs identified an underserved opportunity within the healthcare staffing industry, they sought the payroll funding expertise of Fast AR Funding's dedicated working capital team. With the COVID-19 pandemic creating high demands on health care systems across the country, the need for nurses willing to travel to hotspots greatly increased.
The entrepreneurs needed to focus on growth, not payroll constraints. Fast AR Funding, a program of Republic Business Credit, provided a $400,000 growth-orientated selective factoring solution with a high advance rate to jumpstart the company's founding. The partnership with Fast AR and its decade-long track record of flexibility enabled the company to address market and customer needs without having to worry about how fast they were growing.
"Fast AR Funding provided a dynamic solution to our biggest fears about meeting our growing payroll needs, cashflow issues and meeting our customer demand," the staffing company president said. "Fast AR Funding's selective invoice financing and no term contract was just what the doctor ordered. It provided us with the true freedom to focus on growth."
The upstart company provides temporary and permanent employees to hospitals and medical centers located throughout the southwestern United States. Since the start of the pandemic, both urban and rural areas faced staffing challenges and needed quick solutions. Traveling nurse programs have exploded as a result. The upstart has already tripled its forecast so far in 2022 and sought an increase in its factoring facility to $1 million. Fast AR is the company's chosen product over other alternatives.
Fast AR provides a scalable, selective factoring facility with a seamless online application and technology-enabled approval process. It allowed the initial funding to flow within 48 hours of receiving the first invoice. The facility allows the client to submit invoices from specific customers that they needed to provide funding for a growing payroll without the hassle of minimum sales volumes or long-term contracts.
Republic's VP of Business Development, William Kemp, said: "Entrepreneurs in the temporary staffing business, especially healthcare, have limited options of financing to support their growth."
"The exponential growth potential of staffing firms makes it difficult for them to obtain traditional bank financing. Factoring works seamlessly as they grow and develop," Republic CEO Stewart Chesters said.
Fast AR Funding supports temporary staffing, transportation, manufacturing, distribution, food, beverage and distribution companies located throughout the United States.
About Fast AR Funding. Fast AR Funding provides fast and flexible factoring solutions to help rapidly growing businesses, start-ups, and gig workers across the country. Fast AR Funding is the selective factoring product for Republic Business Credit. Republic Business Credit is a national provider of working capital facilities to private equity and entrepreneurial owned businesses. Republic provides asset-based lending, ledgered lines of credit, traditional factoring, direct to consumer loans, factoring and Fast AR Funding. Republic partners with its clients to provide up to $12,000,000 in senior credit facilities to rapidly growing businesses, start-ups and companies experiencing recoverable distress. Nationally recognized as "Winner of 2015 Emerging Growth Company of the Year" award from Association of Corporate Growth, expert and knowledgeable team boasts four "Top 40 Under 40" winners, two Top Women in Secured Finance and a Top Women in Asset Based Lending by the Secured Finance Network and ABF journals respectively. Republic is recognized by the Secured Finance Network as one of the largest independently owned finance companies in the United States of America. The company is proudly headquartered in New Orleans, Louisiana with client service offices in Los Angeles, Houston and Chicago.
Media Contact
Joanne Chesters, Republic Business Credit, 5042628624, [email protected]
SOURCE Republic Business Credit
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