Wintrust Receivables Finance Announces the Closing of a $19,500,000 Line of Credit to a Hospitality Staffing Firm

Wintrust Receivables Finance (WRF) is pleased to announce the closing of a new $19,500,000 credit facility for this Midwest-based provider of hospitality staffing.  The company specializes in the recruitment and placement of hospitality professionals. The Company's clients include corporate dining companies, country clubs, hospital food service companies, special events centers, stadiums, and hotels.  The company had become the preferred staffing agency for some of the nation’s largest players in these industries.  Prior to COVID 19 the company had experienced consistent year-over-year growth, and was looking to exit a high cost of capital line of credit with a non-bank lender.

During the early days of the COVID 19 shutdowns, the firm saw a decrease in revenue.  During this time period Wintrust Bank was able to provide the firm with multiple rounds of PPP funding.  Company management used this time to expand into additional markets outside of the hospitality vertical.  By mid-2021 Revenues were trending above their pre-COVID-19 level, and the company was back in the market to refinance the Line of Credit. WRF was able to structure a new line of credit for the company that included no financial covenants, extended availability on AR generated under extended payment terms, no customer concentration limits, increased size of the line of credit to support additional growth, and reduced cost of capital.  In addition to providing the line of credit of credit, WRF is also providing a full suite of treasury management services. 

Jason LeuVoy, Senior Vice President of Wintrust Receivables Finance added, “We are excited to partner with this excellent management team and help support their current working capital financing needs, and future growth opportunities. This new line of credit demonstrates the flexibility and creativity the WRF team takes when considering the financing need of any prospective client. And the result is a winning partnership for both the client and Wintrust Bank.” LeuVoy added, “The WRF team has a long track record of financing staffing companies, and we think this transaction will make another excellent addition to our portfolio of temporary staffing clients.”

For more information please contact Jason LeuVoy at 312-550-3056 or jleuvoy@wintrust.com

About Wintrust Receivables Finance

Wintrust Receivables Finance provides aggressively structured working capital lines of credit from $1 million to $50 million for middle-market companies around the country that are unable to obtain the level of financing they need through a more traditional commercial bank underwriting.

About Wintrust

Wintrust is a financial holding company with assets of over $50 billion whose common stock is traded on the NASDAQ Global Select Market under the symbol WTFC. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while providing service-based community banking to every customer. Wintrust operates fifteen community bank subsidiaries, with over 171 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units.