TSL Express Daily News

Wintrust Receivables Finance (WRF) is happy to announce the closing of a new $20 million account receivable line of credit for a Great Lakes-based temporary staffing firm (Company). The Company is a preferred staffing agency for some of the nation’s leading employers within the industries of aerospace, automotive, energy, oil and gas, power, and telecommunications. To service its client base, the company works with some of the largest MSPs in the world, which can lead to significant account receivable concentrations.  

Recently the Company has seen its revenue growth begin to slow as many of the sectors it serves have begun to scale back their operations given the current economic landscape. This has resulted in margin compression and overall deterioration of the Company’s bottom line. This made obtaining traditional bank financing difficult given the recent trends in financial performance, combined with the customer concentrations within the AR collateral. With the $20 million facility now in place, the company has the liquidity and availability to navigate through the current market conditions. 

“It is easy for a bank to be there for a Company when times are good, but our ability to help companies such as this one ride the wave of economic cycles is what we believe is a true differentiator from our competitors in the market,” says WRF Executive Vice President and Group Head, John Marrinson. “We believe that the value we bring to the market is WRF’s ability to step in and provide a solution — within a bank environment — where others couldn’t. We believe that with this facility now in place, the company has the financial support and access to liquidity it needs to ride the wave of the current economic environment.”

About Wintrust Receivables Finance
Wintrust Receivables Finance is a division of Wintrust Bank N.A. Wintrust Receivables Finance provides aggressively structured working capital lines of credit from $2 to $50 million for middle market companies around the country who 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 approximately $53 billion whose common stock is traded on the Nasdaq Global Select Market. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries, with over 170 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.

For More Information Please Contact:
Joe Ford
312-202-7512
jford@wintrust.com