On December 4, 2020, East West Bank and three participating lenders closed on an $80 million revolving credit facility for Madison Resource Funding, LLC (“Madison”), a financing and process outsourcing service provider to the staffing industry. Portsmouth, New Hampshire-based Madison has grown to support staffing agencies and related businesses in 48 states and Canada by offering a full-service operational, technical, and financial management solution to its customers.
 
The new facility refinances existing loan obligations and provides liquidity for general working capital needs and future growth.

“Madison is a superbly-run and managed service provider to the staffing industry with a long track record of success.  We at East West Bank look forward to a long and satisfying relationship with Madison.”  Stephen Altneu, Senior Vice President and Relationship Manager.

Rick Chipman, Madison Resource EVP / CFO, said “it was a pleasure working with the entire East West Bank (EWB) team to see our refinance through to a successful close. Steve Altneu and the EWB team delivered both an optimal and competitive loan structure necessary to support Madison’s continued growth and success. We look forward to a long and mutually beneficial partnership with EWB.”