CapitalPlus Secures $800K in Factoring for CA Tech Installation Firm
Knoxville, TN, August 21, 2024 – CapitalPlus Financial Services, a leading provider of construction invoice factoring, is proud to announce the successful onboarding of a California-based technology installation company. The company, previously partnered with another factoring firm, faced potential disruptions when their former provider ceased funding businesses in California.
When the previous factoring firm announced its withdrawal from California, the technology installation company was left scrambling to find a new funding partner to avoid missing crucial payroll deadlines. CapitalPlus Financial Services quickly intervened, offering their construction-specific solution by acquiring both the company’s outstanding accounts receivable and their new invoices, providing $800,000 in factoring to allow the contractor to continue uninterrupted operations.
The seamless transition not only covered the company’s immediate cash flow needs but also established a long-term relationship that can be relied upon for future support.
"At CapitalPlus, we understand the critical nature of consistent cash flow in the construction industry, especially when it comes to making payroll," explained Curt Powell, Executive Vice President. "We were able to step in and provide the necessary funding, bringing peace of mind to all involved. This demonstrates our commitment to supporting the construction industry in ways and at times when it is needed most."
About CapitalPlus Financial Services
CapitalPlus Financial Services specializes in providing tailored working capital solutions to the construction industry. With a focus on addressing the unique challenges faced by construction companies, CapitalPlus has established itself as a trusted financial ally since its inception in 1998.
