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Coast Capital's smallest and most secured fundings to business entities are undertaken by it's subsidiary Coast Capital Finance, LLC ("CCF"). CCF provides capital to businesses through its "factoring" of accounts receivable.
Through this structure and service CCF purchases accounts receivable of a business enterprise which that business generated through sales to their customers. It makes the purchase of an account receivable (invoice) in advance of payment on such invoice from the account debtor (the company that received the goods or services from CCF's client). In doing so, CCF provides its client with immediate cash flow for it's business operations, and thereafter CCF receives direct payment from the account debtor, sometime later in the payment cycle (30-60-90 days). Upon receiving payment from the account debtor, CCF obtains the recoupment of the "advance" it made to its client, as well as a "fee" for the service provided.
CCF maintains a portfolio of these purchased accounts receivable which it "owns" through its purchase agreements with it's client companies, and for which it receives direct payment from account debtors. CCF's portfolio of purchased accounts receivable typically aggregates between $50,000 to $200,000 for each of its clients and are comprised of dozens of invoices from numerous account debtors. As accounts in this portfolio are paid by an account debtor the CCF portfolio obtains, through CCF's purchase, newly created accounts receivable from it's client company, as CCF provides this factoring service to its clients as an ongoing financial accommodation.
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