When it comes to keeping a business running in today’s economy, service providers have a difficult set of challenges. They have to provide quality service on a consistent basis to their clients while covering the ongoing cost of both inventory and staff. As a dining and catering company that delivered pack lunches and catering services to public schools experienced, such clients do not pay their invoices until the end of the month at best. In many cases, given local municipal bureaucracies, the payments did not arrive until the middle of the following month. Without timely and consistent financing, the dining and catering company realized that they could find themselves in real trouble when it came to covering their costs.
Recognizing the solid base of their clients, PMF Bancorp offered the company quick access to capital through accounts receivable financing. With a reliable source of funding, the dining and catering company was able to grow their business without the fear of falling short of resources. As a full-service provider, PMF Bancorp helped the company carefully press for on-time customer payments. Since the account representatives of the municipal bureaucracies recognized both the quality and consistency of the dining and catering company’s work, they were willing to ensure that such service would continue.
Experiencing such success using PMF’s financing services, the dining and catering company recommended the services of PMF Bancorp to their main food distributor who faced similar financial challenges. Through client interaction, PMF Bancorp realized that they could finance both the distributor as well as the service provider that led directly to an increase in the credit limit for the dining and catering company. In addition, the food distributor gave the dining and catering company a better rate in exchange for accessing PMF Bancorp’s accounts receivable financing.
This success story is an excellent example of a win-win scenario where PMF Bancorp helped both clients increase their bottom line while ensuring future growth in sales. As a result, the companies were both able to expand their businesses while continuing to use the first-rate financial services provided by PMF Bancorp. With a full-service financial provider in their back pocket, the respective company executives had the confidence to move forward in a challenging economy. By supporting the promise of the American dream, PMF Bancorp helps essential American service provides and distributors thrive. With the knowledge that the necessary working capital always can be accessed when needed, such companies are able to prosper, improving both profitability and productivity.