Charleston, SC - In late 2017, a Non-Medical In-Home Care Provider secured a valuable contract with the Veterans Administration (VA) to deliver in-home after-care to veterans. However, the company, only six months old with limited revenue and no commercial credit history, faced significant financial challenges. The owner needed to hire qualified employees and manage payroll until the VA paid their invoices, but personal credit card use had negatively affected her personal credit.
SouthStar Capital stepped in with a $250,000 Payroll Funding facility to bridge this gap. This funding covered the initial payroll cycle and all subsequent cycles. The first invoices submitted for funding totaled less than $4,000, and SouthStar Capital advanced 85%, depositing approximately $3,300 into the payroll account the next day.
Seven years later, this In-Home Care Provider is a valued client of SouthStar Capital and has grown significantly. The company now has 50 employees, generates over $100,000 per month, and operates offices nationwide. The Payroll Funding facility provided by SouthStar not only helped sustain the business initially but also supported its substantial growth and expansion.
"We are proud to have played a part in the success of this In-Home Care Provider," said Brian Cate, Assistant VP at SouthStar Capital. "Our goal is to provide customized financial solutions that help businesses overcome challenges and achieve their goals."
Reference:https://www.southstarcapital.com/payroll-funding/payroll-funding-medical-provider-250k
For more information about SouthStar Capital's funding solutions, visit www.southstarcapital.com or contact (843) 277-6417.
SouthStar Capital info@southstar.com
Media Contact
Company Name: SouthStar Capital
Contact Person: Becca Ripley
Email: Send Email
Phone: (843) 800-8339
Address:840 Lowcountry Blvd
City: Mount Pleasant
State: SC 29464
Country: United States
Website: www.southstarcapital.com
