CASE STUDIES

Computer networking company
A service company specializing in computer hardware and software integration was experiencing tremendous growth. They had substantial contracts pending that required them to go out and hire new personnel. As a result, they would have to increase their payroll and cash flow requirements significantly, even before payment on the services rendered were due. The service company contracts with Westgate Financial to provide pre-funding of the corporation's payroll so the company could accept the contracts and hire the appropriate personnel. As a result of Westgate's pre-funding of the corporation's payroll, the technology company successfully built a reputation in the industry as a reliable resource that could commit personnel for long periods of time to major projects.

Fashion designer
An up-and-coming designer of apparel sells to major retailers who traditionally get extended credit terms and are slow payers. The designer accepts these orders in an effort to grow its business, but realizes that not only are production, manufacturing and labor expenses out of pocket, but due to the extended credit terms and slow paying nature of these accounts, it is very possible that they will be out of pocket all their expenses for over 90 days before they even see a penny of revenue.   Westgate instituted an innovative purchase order funding program and advanced the designer $1.5 million beyond what is traditionally advanced.  As a result of Westgate's purchase order funding program, the designer's sales have grown to over $10 million annually and the client is able to take on larger orders.

Title insurance company
This title insurance company conducts credit and lien searches for highly creditworthy law firms who are very slow payers. Westgate provided Spot Financing of Service Receivables. The financing allowed the company to augment its cash flow to deal with seasonal sales and slow payers. The title insurance company increased cash flow by over $100,000 per month through a combination of borrowing on eligible receivables and quickened payment of outstanding receivables.