Worldwide Supply is a global network and telecommunication equipment reseller and technology provider headquartered in New Jersey, US. The company has offices in California, Massachusetts, New York, North Carolina, Texas and the Netherlands. They offer new and certified pre-owned products, along with consulting services, networking design, installation, project management, repair programs, and more.
The global supplier completed a $2mm factoring facility with Marco in the month of January, which enabled the company to repay a bank loan successfully within the established deadline.
We talked to CEO, Jay VanOrden, about this new relationship between Worldwide Supply and Marco.
What challenges was the company facing?
Worldwide Supply’s aim is to capitalize on the exponential growth that the networking and telecommunications equipment sector is seeing. The demand for high-speed internet and fiber services at home is growing rapidly, so the company has a unique opportunity to leverage its resources and meet the needs of the market by offering services customized to the clients' needs and supporting service providers looking to quickly expand their networks.
“We were severely undercapitalized,” Jay VanOrden, CEO of Worldwide Supply, explained. “We searched for a financing partner who would be really trustworthy, that had the right solutions and the flexibility to support our organization’s strategic growth plan.”
“The client had a clear need to fulfill, and we are glad we could take care of it in the best way possible,” Bryan Hatfield, Business Development Officer at Marco, said.
“It was really critical to us, as we evaluated our options, to find a company to work side by side with that understood the perplexity of our business, that it’s at times unconventional as the technology world is ever-changing,” VanOrden added.
How was the process?
Worldwide Supply was searching for a solution to their capital problem, and the factoring facility was the right fit, as there was a need for flexibility to deliver products and services to the clients. Marco took the time to understand the company’s needs and the core of the business, and so was able to reinforce the growth opportunity and help Worldwide Supply in accomplishing its scaling goals.
“At every turn, from the very beginning, all people involved in Marco have gone above and beyond in all of their actions to ensure our needs are met and that our company is successful,” the company’s CEO assured. “The team has been very supportive and the process with the whole company has exceeded our expectations. I consider Marco Best-in-Class.”
“The process with Marco started in October 2022”, Paul Noonan, Marco’s partner, explained. “I contacted Bryan Hatfield who picked up the ball and closed the very complicated transaction, helping the client take advantage of the opportunity presented. Marco acted in a very professional manner and I look forward to working with them again soon”.
What was the gain?
The client had particular needs that were covered by Marco’s factoring facility. Above that, the team was able to help organize the payment flows so that the company could meet its tight deadlines and repay the bank loan. That gave Worldwide Supply the ability to exceed its growth potential and create a bright and sustainable future for business.
“The Marco team was simply amazing,” Jay VanOrder explained. “We’ve worked these last few days tirelessly to ensure the bank was paid in full. We are confident we made the right choice selecting Marco as our partner and are excited to look towards the future with them as our partners”.