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.
One of our current clients, a small interstate auto carrier company based in Alabama, was restructuring after the death of an owner. The company relied on Millennium Funding for a $700,000 Accounts Receivable Funding facility to help them bridge the cash flow gap while they reorganized. Thanks to quick funding and our previous knowledge of their business, they were able to stabilize the company’s finances.
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 startup freight forwarding company based in Texas needed working capital to grow and take advantage of new opportunities. Because Millennium has deep expertise in the trucking brokerage business, we were able to provide a $50,000 Accounts Receivable Funding facility. The freight company now has access to flexible, convenient working capital to run operations, meet payroll and purchase materials and business is taking off.