Porter Capital has recently boosted its line size to a range of $5,000 to $20 million.
Porter has also already contributed $5.7 billion in funding for various businesses, using technology that allows for speedy application processing.
Porter Capital offers ways for the staffing industry to access payroll factoring, which allows staffing agencies to get invoices converted into immediate capital. That option is known as staffing factoring and lets companies get advances on their invoice values immediately.
The service is good for companies looking for ways to boost capital, letting them make payroll or use it for bringing on new hires.
Funding for staffing companies and essential workers is available through the company’s web portal. The company now offers new, smaller staffing companies lines as low as $5,000, the release said.
Porter offers larger companies lines of up to $20 million.
The release noted that one of the first staffing agencies to try the product is a company working on staffing for nurses and essential workers.
“Porter Capital is a true partner for small businesses, and I’m excited to help expand our suite of products to help essential businesses do more business,” said Blake Van Leer, chief growth officer and head of marketing.
Invoicing is a top concern for accounts payable (AP) departments as the departments try and get everyone paid on time. The pandemic has done damage to that system even further, with the number of people working from home meaning that it became more difficult to work out payments that used to be done in-person at an office.
AP teams can employ several new strategies to help modernize the process, including optical character recognition (which helps recognize key character details in paper or PDF documents and then extract the data) and robotic process automation (which works to take over repetitive tasks).
Selected by EFXA