Speed and Efficiency Gives Growing Company Working Capital to Succeed
Steck Office Resources, LLC is a commercial cleaning company founded in March 2006 by Ana Rivera. In July 2010, the company won the business of a well-known, multi-billion dollar company that needed service 24/7. As a result, Steck Office Resources quickly grew to more than 300 employees. After a few months, the client changed its vendor payment policy, altering the previous pay cycle with Steck Offices Resources. This caused a cash flow obstacle – literally giving Rivera three days to figure out how she could make payroll. After exhausting all personal savings accounts and banking options, she sought an alternative way to obtain working capital.
An Efficient Solution
Rivera learned about Far West Capital (FWC) when discussing her working capital needs with a local bank. Having worked with and referred FWC before, the bank knew FWC was a perfect fit and would take care of Rivera’s needs.
Speed was the most important factor in funding Rivera’s company. She first contacted FWC early on a Friday. The CEO and management team of FWC worked with Rivera on Friday and into the weekend. By Wednesday, FWC provided $339,000 in working capital and Rivera was able to pay her employees on time.
“I was in awe of the turnaround time,” said Rivera. “It was so amazing. My stress was cancelled immediately. I spoke with my
banker afterwards, and she said the bank would not have been able to provide me with the financing I needed in three days.”
Rivera touts the speed, efficiency, and professionalism of FWC gave her confidence and security in working together.
“Far West Capital put me at ease,” said Rivera. “They helped get me out of my situation and keep my integrity. I would recommend Far West Capital in a minute. Everyone at Far West Capital is so helpful, and our relationship is a good fit for the both of us.”
“They helped get me out of my situation and keep my integrity. I would recommend Far West Capital in a minute.”
Ten days after the initial round of funding, Rivera received a second round and later, a third round of funding, totaling $700,000.