CHICAGO - California businessman Larry Castro admits that his industry - temporary staffing - is not an easy one for banks to understand.
So instead of wasting time trying to explain the complexities of the business to local bankers, Mr. Castro prefers to borrow from Wintrust Financial Corp. - some 2,000 miles away. Wintrust, a $1.8 billion-asset company in Lake Forest, Ill., operates a subsidiary dedicated solely to the temporary-help industry. "Traditional banks locally could offer the financing I need and probably be less expensive," said Mr. Castro, president of CareerStaff in Anaheim. "But we'd have to continually reeducate them on what we do and how we do business. It's hard to explain that even to my accountant."