Seacoast Provides $6MM Asset-Based Facility to IT Consulting and Staffing Provider

Seacoast Business Funding provided a $6 million asset-based revolving credit facility for an IT consulting and staffing provider in the Northeast. The company specializes in contract data management, laboratory and testing analytics, and Statistical Analyst System (SAS) programming for clinical trial applications.

The company was acquired last year and let its previous line of credit lapse. The parent company requested the subsidiary seek a financial partner to manage working capital needs. Seacoast Business Funding structured a facility to provide cash flow to support current operations with the flexibility to scale as the company's financial needs grow.

“The closing of this transaction showcases our industry expertise and knowledge of the client's business model,” Jay Atkins, president of Seacoast Business Funding, said. “Leveraging the increased capital will alleviate existing constraints and provide a reliable financing solution for future growth.”

Seacoast Business Funding provides working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 million.