Fast AR Funding, the selective factoring product for Republic Business Credit, provided $200,000 in A/R financing to a healthcare staffing firm.
When the UK headquartered temporary healthcare staffing provider decided to open operations in the US, they tasked Fast AR Funding to keep up with demand. Shortly after setting up in the US, the domestic growth quickly outpaced expectations and the company found themselves with a cashflow gap to keep up with their growing payroll. The UK parent turned to Fast AR Funding to enable its US operations to become self-sufficient as they planned to expand in other countries as well. Fast AR Funding provided a $200,000 spot factoring solution with a high advance rate to support their growing payroll needs in 2020 and beyond. Within the first six months as a client, Fast AR increased the facility limit to over $1,000,000 as they saw a huge surge in the demand for nurses across the country.
The nurse staffing company provides temporary placement of qualified healthcare professionals to hospitals, regional medical providers, and Healthcare VMOs. The demand for travel nurses across the different regions of the country will continue during the pandemic as healthcare regions continue to see consistent fluctuations in the number of cases and corresponding medical personnel necessary. Hospitals and healthcare systems continue to react to the virus hotspots across the country. CEO of the UK parent said, “Fast AR Funding closed our facility in only a few days and has allowed us to keep up with the hospital demand without any hesitation”; he further added, “Our biggest surprise with Fast AR Funding is the instantaneous access to decision makers that understand our business and continue to increase our facility as necessary, we are on pace to need more than $2,000,000 in working capital by the end of October.”
In order to ensure their payroll needs were covered, the company sought Fast AR’s expertise in the temporary staffing space. Fast AR provided a selective factoring facility with our seamless online application and technology enabled approval process. Fast AR Funding provided the first funding within 72 hours that allowed the client to meet their payroll the same week they completed the application. Fast AR’s selective factoring facility allows the client to submit any amount of invoices needed for payroll without any minimums or contracts. The company continues to choose the flexibility and speed of Fast AR over other factoring alternatives. “Factoring is a great solution for entrepreneurs in the temporary staffing space” said Fast AR Funding’s New Customer Manager – William Kemp; he further added “Despite the ongoing pandemic, it is wonderful to help a great company succeed, grow their business and help support our healthcare community’s response to Covid 19 across the country.”