$75-150K MCA/Factoring Healthcare Alternative?
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
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I was able to solve this with two individual investors. Thanks for everyone's input.