A startup construction staffing business in Ohio needed working capital to hire skilled trade workers, but as a startup, they didn’t meet rigid bank criteria. They also needed a back-office solution to help manage administrative responsibilities. They were thrilled when they discovered Millennium could provide both: a $50,000 Accounts Receivable Funding facility and full invoicing, credit and receivables management, payroll and related tax processing services. They now have a solid foundation to build a successful company.
As a staffing company start-up, you need access to steady cash flow to meet payroll and related taxes. Traditional lenders often won’t take a chance on a start-up, but we do. Because we fund based on the strength of debtor invoices, not a company’s historical financial performance, we were able to provide this startup with a $50,000 Accounts Receivable Funding facility for future growth financing. In addition, our business expertise helped them strategically manage accounts receivable to ensure they had just the right amount of cash on hand.
This healthcare staffing company in Alabama was looking for working capital. They’d been approved for a line of credit by a bank but weren’t happy with the bank’s restrictions. They chose to work with Millennium instead, due to our flexibility and experience with staffing companies. We quickly provided a $300,000 Accounts Receivable Funding facility so they could have the immediate cash they needed to grow.
A Massachusetts staffing company had been using another factoring company but came to us looking for a full-service solution. Millennium was able to quickly get them set up with full back-office services, including invoicing, credit & receivables management, payroll and related tax processing. We also provided a $2,000,000 Accounts Receivable Funding facility to help them hire more employees and grow the business.
A British Columbia staffing company that focuses on industrial and logistics companies was self-funded and growing quickly. Unfortunately, the company was burning through its cash reserves. Millennium provided a $50,000 Accounts Receivable Funding facility with minimal setup time to support the company’s growth strategy.