The client is in the healthcare space and gets reimbursed by Medicare.
Cyberattack earlier this year at United Health caused a disruption in Medicare reimbursing vendors, so he has billed nearly $2.0M in AR but has only received $30K so far. He has found a new exchange for repayment but that won't see results until late June, so he has a cash crunch.
MCA doesn't work because revenues are near zero last two months. Factoring is an option but will take 3-4 weeks to setup when he needs cash to make payroll next week. Cash basis - $1.5MM gross revenue YTD. in business for one year. $2.0MM in A/R. Thank you in advance for your ideas/referrals. California-based company. 642 FICO. one owner
I was able to solve this with two individual investors. Thanks for everyone's input.
Alleon does healthcare factoring...never state needs $ for payroll - will be an automatic decline....no revenue?...any assets for ABL lending? I can get money pretty fast using assets that are free and clear....send me a asset list. Steveprobiz@gmail.com, 949.228.1050