We pride ourselves on our ability and expertise to finance any type of staffing firm – from start-ups to established organizations with hundreds of millions per year in revenue. Sterling Payroll Finance offers a unique combination of extensive resources, derived from the support of a full-service bank, and the deep industry knowledge that comes from servicing more than 400 staffing firms across the United States.
The right lending product depends on the size and age of your firm, your capital position, and the strength of your financial reporting. That’s why Sterling’s Payroll Finance Division offers three different financing products that meet a variety of needs, each of which allows you to leverage your accounts receivable. Count on us to help you choose the option that makes the most sense for your business.
If your firm is emerging or under three years old, our full-service product offering can provide you with comprehensive back-office support, financial reporting, and funding by leveraging accounts receivable. You’ll be able to focus on what you do best – selling new jobs and recruiting new temporary employees. Our Full-Service Funding product includes:
- The application of cash against invoices
- Payroll processing
- Payroll tax preparation and filing
- Invoice preparation and accounts receivable management
- Fully integrated front-end web-based software
- Collections assistance
- A gross profit check each week when earned
Accounts-Receivable Financing/Ledgered Funding
If yours is an established staffing firm with its own back office but limited financial reporting, this solution might be right for you. Each week, you’ll submit the time and attendance data to support the payroll, the payroll register, and the invoice file. Collections are made through Sterling’s Lockbox, and cash is applied against the invoices. Accounts-receivable management and collections assistance are also available.
If your staffing or IT consulting firm is well-established with its own back office and strong financial reporting, an asset-based lending facility can allow you to leverage your accounts receivable as a line of credit. Unlike traditional loans, which are based on your company’s balance sheet, asset-based facilities are secured by receivables, inventory, equipment, real estate, and even patents or other intangibles. Sterling’s asset-based loan product is designed to optimize the availability of working capital from current accounts receivable, since this is the predominant asset of staffing firms.