SouthStar Capital Supports Local In-Home Care Provider Company with Crucial Payroll Funding
Charleston, SC – In late 2017, a local 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 Payroll Funding facility to bridge this gap. The program 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.”
For more information about SouthStar Capital’s funding solutions, visit www.southstarcapital.com.
SouthStar Capital
info@southstar.com
1-(800)-763-3021
840 Lowcountry Blvd, Mount Pleasant, SC 29464