Daily News: March 30, 2015

Allied Affiliated Closes $3.1MM in A/R Facilities


Allied Affiliated Funding announced the following recently closed transactions:

  • $300,000 in A/R facility to a manufacturer and distributor of disposable medical devices used in cardiac surgery for medical centers and hospitals. This Funding By Allied will provide the company with ongoing working capital and help the company expand their business.
  • $300,000 A/R facility to a manufacturer and distributor of disposable medical devices used in cardiac surgery for medical centers and hospitals. This Funding By Allied will provide the company with ongoing working capital and help the company expand their business.
  • $2.5 million A/R facility to an IT services provider for cloud computing and data center services focusing primarily on the healthcare industry. This transaction also includes a $250,000 A/R facility to their affiliate company which focuses solely on IT staffing. Both companies were asked to leave their current financing relationship after the owners obtained a cash advance that included a second lien filing against the companies’ assets. Allied was able to develop a solution that enabled the company to receiving ongoing funding for their business, while keeping the cash advance line in place. This funding by Allied will also provide additional working capital in the future through Allied’s vendor assurance program.