Allied Affiliated Funding closed two transactions totaling $3 million to two different companies.

Allied provided a $1.5 million accounts receivable facility to a Texas-based chemical drilling solution distributor in the oil and gas industry.

The company was seeing tremendous demand for its new product and needed a fast working capital solution to help it take on this new business while also meeting financial obligations. Allied was able to fund the company in less than five days, allowing it to accept this new business and grow.

Allied also provided a $1.5 million accounts receivable facility to an Illinois manufacturer and distributor of shelf-stable snacks that support a variety of diets. These sell to large retailers through the nation.

Although this company has had a few different owners over the past couple of years, one of Allied’s current clients bought the company in January. With the purchase completed, the company was seeking working capital for ongoing operations and planned growth. The funding will provide the company with working capital to cover operational expenses and allow for growth.