By Alyssa Stahr
Seacoast Business Funding is a division of Seacoast National Bank, which is a chartered $4.3 billion asset bank with experience in the telecom tower sector. The division was established to provide factoring, accounts receivable funding and asset based lending. Those provide short-term working capital to companies in certain segments of the market.
Jay Atkins, president, said regarding the tower industry: “We have developed over the years a ton of experiences to what their needs are, what their challenges are, what the industry is about.”
Atkins said he understands the challenges that face tower owners. “We can plan for them and build a product and service that fits those needs.”
Seacoast is very active in the tower space, attending various conferences and trade shows, as well as participating as guest speakers.
Seacoast, Atkins said, is capable of funding businesses anywhere with annual sales of $1 million to $150 million and has a broad range of experience working with small and middle market companies alike.
“We try to play in a space that is predominantly owned by mid-sized banks and second tier funding,” he said. “We do not compete with the likes of the Bank of Americas, Suntrusts and the Wells Fargos. We are a tier below them, which generally tends to work with companies who are looking for more of a personal relationship with their lender and their funding company.”
Atkins said they can help a telecommunications company address timely expenses like payroll, maintenance and equipment, with greater liquidity and flexibility than a traditional commercial bank.
Seacoast’s employees have a total combined 200 years of experience in commercial lending.
“Growth is a big part of our business,” Atkins said, but acknowledged the challenges faced as a solutions provider in today’s economy. “You can’t just give money, you can’t just give service, you have to give a solution to a problem.” For more information, visit http://www.seacoastbusinessfunding.com/home.
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