With rapidly changing workforce needs, temporary staffing agencies need support to scale successful platforms
HOUSTON, July 11, 2022 /PRNewswire-PRWeb/ -- With traditional work routines reexamined and overhauled due to the COVID-19 global pandemic, employers around the world need help from temporary staffing agencies to fill gaps in their workforce and delivery systems. Republic Business Credit was there to support a multinational staffing and consulting company to meet the demand in the U.S.
Republic's Fast AR Funding provided a $500,000 selective factoring facility in less than a week that allowed the client, with a newly established subsidiary in the Northeastern United States, to confidently place new, temporary hires the following week.
The multinational, specialist IT staffing and consulting company provides temporary placement of qualified cloud and data specialists to Fortune 500 companies. The company prides itself on finding highly skilled, dependable, and best-in-class temporary staff and project-based consultants. The ability to provide shorter term and longer term placement options provides flexibility for their clients.
And with traditional working routines uprooted over the past few years, the demand for skilled workers with expertise in remote and hybrid systems-based work is on the rise. The company needed Republic Business Credit's support and a quick turnaround.
"The number of applications, interfaces, systems and cybersecurity worries have grown exponentially in the past few years. Our clients are excited about our ability to bring a dynamic and agile workforce to the growing complexities of information technology," the parent company's CEO said. "Fast AR's team truly were experts in the temporary staffing space, providing a lot of comfort that they understood our business and could scale quickly with our plans."
Fast AR bridges the payroll and working capital gap that exists for every staffing firm between the time the invoice is created and months later when payment is received from the customer. Fast AR provided a selective factoring facility with a seamless online application process.
The staffing company had built successful operations throughout the U.K. and Europe and wanted to expand operations in the U.S. The need for talented temporary workers was so great, the firm almost immediately identified additional customers.
Fast AR established the $500,000 selective factoring facility quickly, building confidence toward the company's ability to build and scale in the U.S. Fast AR allows clients to submit invoices as needed for payroll funding without any restrictive minimums or contract terms. Clients can choose the flexibility, speed and responsiveness of Fast AR over factoring alternatives.
"Selective Factoring is a dynamic and quick solution for entrepreneurs in the temporary IT staffing space," said Republic's Vice President of Business Development, William Kemp. "Our flexible approach allows businesses to focus on growth while not worrying about their working capital."
President Robert Meyers added: "Fast AR is a fantastic way to support startup and early-stage entrepreneurs, and we have the capability to grow with them into larger factoring facilities, ledgered lines of credit, and asset-based lending products as they mature."
In addition to temporary staffing companies, Fast AR Funding supports entrepreneurs in transportation, food, beverage, manufacturing, and distribution across the country.
About Fast AR Funding. Fast AR Funding provides fast and flexible factoring solutions to help rapidly growing businesses, startups 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 support to entrepreneurial 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 million in senior credit facilities to rapidly growing businesses, startups, and companies experiencing recoverable distress. Nationally recognized as "Winner of 2015 Emerging Growth Company of the Year" award from the Association of Corporate Growth, Republic's 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. The company is proudly headquartered in New Orleans, La., 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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