Working capital line of credit for start-up

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June 06, 2023

by a searcher from Harvard University - Harvard Business School in San Francisco, CA, USA

Hello Searchfunder community -

This may be a bit off-spec for Searchfunder, but does anyone know of a capital provider (bank / non-bank direct lender, family office, etc.) who would be interested in placing a $1 - $2M working capital line of credit for a start-up with 7 large (>$1.5M average contract value) signed contracts with health insurance companies?

A friend and executive I've worked with in the past (he was the Head of Sales for a >$250M revenue health insurance software company) has started a business providing outsourced technology support services to health insurers but needs working capital to fund hiring ahead of payment from his customers. Any leads you can provide would be much appreciated!

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Reply by a searcher
from University of California, Berkeley in San Francisco, CA, USA
Based on the limited information you've provided, this is likely not a WCLOC. Maybe factoring. Might depend on how your "service contracts" are structured. There are revenue based lending firms...they might like the AR but might not work w/o company history. Feel free to pm me to discuss.
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Reply by a searcher
from University of Arizona in Phoenix, AZ, USA
Ali, try Jerry Freedman redacted
honest, knowledgeable, best rates
https://www.linkedin.com/in/jerryfreedman
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