Staffing Services Group at Wells Fargo Capital Finance completes another year of growth
[SANTA MONICA, March 5, 2013 ] – The Staffing Services Group of Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), completed another successful year in 2012 with $130 million in new facilities and $100 million in new loan balances.
The Staffing Services Group provides staffing companies with receivables based credit facilities to support their growth. Jason Cole, the business unit leader, believes the importance of industry expertise in a tough environment is a primary driver of the group’s growth. “We’ve focused solely on the staffing industry for a long time,” Cole said. “Our experience with staffing companies of all sizes helps us to fully understand industry trends and has allowed us to find comfort in the business model and its opportunities for growth.”
David Allen, president and CEO of Snelling, recently secured a multi-year $20,000,000 credit facility with the Staffing Services Group. “We chose to work with Wells Fargo Capital Finance because they are in a unique position to provide industry insight and be our working capital lender now and in the future.” He said. “We felt their expertise provided them with a level of understanding in our industry that we didn’t find elsewhere.”
Smaller staffing companies also agree they find value in the expertise provided by Wells Fargo Capital Finance. Joseph F. McDermott is president of CEO of Keepers, a Washington DC based staffing firm that recently secured a $750,000 facility with the Staffing Services Group. He said, “They are an accounts receivable group that is different in a very important way; they quickly become a partner. Wells Fargo Capital Finance people are friendly and extremely easy to work with. Our relationship manager provides us with what we call ‘world class service’ and our cost has gone down. They are truly the staffing industry’s expert.”
Other growth influencers include the ability of Wells Fargo to offer additional important financial products and services such as worker’s compensation programs and treasury management services.
About Wells Fargo Capital Finance Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
Some products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A.; Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A.; Wells Fargo Credit, Inc.; Wells Fargo Distribution Finance, LLC; Wells Fargo Capital Finance, Inc.; Wells Fargo Capital Finance, LLC; Wells Fargo Trade Capital Services, Inc.; Castle Pines Capital LLC; Castle Pines Capital International LLC; Burdale Financial Limited; and Wells Fargo Capital Finance Corporation Canada. Wells Fargo Capital Finance Corporation Canada (also doing business in Quebec as Société de financement Wells Fargo Capital Canada) is an affiliate of Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance company.