The Staffing Services Group of Wells Fargo Capital Finance completed another successful year in 2012 with $130 million in new facilities and $100 million in new loan balances.
The Staffing Services Group provides staffing companies with receivables based credit facilities to support their growth. Jason Cole, the business unit leader, believes the importance of industry expertise in a tough environment is a primary driver of the group’s growth. “We’ve focused solely on the staffing industry for a long time,” Cole said. “Our experience with staffing companies of all sizes helps us to fully understand industry trends and has allowed us to find comfort in the business model and its opportunities for growth.”
David Allen, president and CEO of Snelling, recently secured a multi-year $20 million credit facility with the Staffing Services Group. “We chose to work with Wells Fargo Capital Finance because they are in a unique position to provide industry insight and be our working capital lender now and in the future.” He said. “We felt their expertise provided them with a level of understanding in our industry that we didn’t find elsewhere.”
Smaller staffing companies also agree they find value in the expertise provided by Wells Fargo Capital Finance. Joseph F. McDermott is president of CEO of Keepers, a Washington D.C.-based staffing firm that recently secured a $750,000 facility with the Staffing Services Group. He said, “They are an accounts receivable group that is different in a very important way; they quickly become a partner. Wells Fargo Capital Finance people are friendly and extremely easy to work with. Our relationship manager provides us with what we call ‘world class service’ and our cost has gone down. They are truly the staffing industry’s expert.”
Other growth influencers include the ability of Wells Fargo to offer additional important financial products and services such as worker’s compensation programs and treasury management services.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.