Allied Affiliated Funding provided $11 million in accounts receivable financing to a New Jersey-based staffing company.

The company provides security and staffing services to airports throughout the U.S., as well as offering aviation, transportation and parking management services.

Over the last few years, the company experienced increases in operational expenses. This caused financial stress on the business that resulted in the company’s bank lender asking it to refinance its line of credit. In addition, the company was experiencing growth.

The company needed to refinance its existing line and gain additional working capital to take on the new business and ultimately turn the company around.

The Allied team formulated a creative solution which would provide financing on the accounts receivable as well as on the earned, but unbilled receivables. Allied Funding provided a high advance rate so the company could achieve both its immediate goals. With the funding, the company was able to exit its traditional bank facility.