Read MoreHow a $250,000 Payroll Funding Facility Transformed an In-Home Care Provider’s Business
How a $250,000 Payroll Funding Facility Transformed an In-Home Care Provider’s Business
In late 2017, a non-medical in-home care provider faced a significant opportunity and challenge. Awarded a contract by the Veterans Administration (VA) to deliver in-home after-care to veterans, the provider needed to hire a dozen qualified employees and manage payroll until the VA paid their invoices. With NET-30 payment terms and payroll every two weeks, the company, only six months old with limited revenue and no commercial credit history, was in a tight spot. The in-home care provider needed immediate funds to cover payroll for new employees while waiting for invoice payments from the VA. The tight payment terms and