eCapital Commercial Finance announced it delivered over $10 million in additional funding to clients with existing factoring facilities during the COVID-19 pandemic to help them meet demand for products and services. The company leveraged its factoring solutions to support businesses with a diverse range of operations from warehouse support to staffing for healthcare professionals to vaccine preparations.
“When the pandemic hit, we knew we needed to act fast to support hospitals across the U.S. with nursing staff,” said an executive for the travel nursing staffing company. “Working with the team at eCapital made it possible for us to quickly secure additional financing to hire more nurses and place them where they were needed most.”
“Our fast, flexible approach allowed us to maneuver quickly to provide our clients access to the working capital they needed to support essential COVID-19 efforts,” said David Ciccolo, president of eCapital Commercial Finance. “These are just a few examples of businesses that were able to persevere and provide services that were crucial in keeping the global supply chain moving during the pandemic with the aid of eCapital’s factoring solutions.”
Healthcare Staffing
The pandemic placed a huge burden on healthcare professionals, increasing the need for nursing staff almost overnight. Our client provides travel registered nurse assignments to hospitals across the U.S. and was poised to meet the demand but needed to increase their facility fast to cover additional payroll. eCapital worked quickly to double their facility from $5.5 million to $11 million.
Warehouse Support
As consumers moved en masse to online ordering and delivery, another client was ready to meet the increased demand with warehouse manpower to help pack and ship groceries and consumables to thousands of households. Working closely with our client through the pandemic, eCapital increased their facility twice in the last few months, from $1.25 million to $1.6 million and again to $2 million.
Vaccine Preparations
Distribution of the COVID-19 vaccine will involve much more than the medication itself. Gauze pads, needles, and other medical supplies have to be prepped and ready to ship as soon as vaccine distribution begins. A client won a contract to provide staffing support to make this happen, and eCapital was able to increase their facility from $1 million to $5 million in record time to help them ramp up services.
Mr. Ciccolo added, “Resiliency is at the core of any successful small and medium-sized business, and as a result, we are seeing an unwavering determination to navigate through the disruption caused by the pandemic. eCapital delivers rapid and dependable financial solutions for our clients, which is especially important now for those that need to expand their production levels to meet the unique demands brought on by COVID-19.”