Daily News: July 29, 2014

Bay View Provides $1.8M in A/R Funding to Three Companies

Bay View Funding announced it provided a total of over $1.8 million in A/R financing. Gil Oliva, factoring consultant, funded three transactions for the three growth companies needing factoring services in Missouri, Michigan and Texas. They included:

  • $500,000 to a contract satellite installation company in Missouri.
    The company, which specializes in contracting to the cellular tower industry, needed to upgrade their cellular technology to capitalize on new contracts. In order to be successful, it was vital they utilized their working capital. Waiting 30 to 90 days for invoice payment was severely prohibiting their ability to grow. Bay View Funding responded quickly, allowing the client to successfully bid and win large contracts with confidence. Fast, efficient, early advances on account receivables enabled operating costs, and payroll demands to be met on time, and the company to grow and be successful.
  • $300,000 to a transportation company in Michigan. The transportation company specializes in helping owner operators direct haul for large brokers and logistics companies. Their bank was unwilling to release the AR on an outstanding loan, and denied the request to subordinate. One of the main struggles for this transportation company was a language barrier when attempting to communicate with the bank and other institutions. Since Bay View Funding has bilingual representatives on hand they were able to act as an intermediary and work with the bank to come to a successful resolution. Working capital assistance enabled the client to pay down his outstanding lines of credit.
  • $1 million to an oil maintenance company in Texas. As a specialist in welding, mending and fixing oil rig structures, this Company works with many subcontractors and has to have enough working capital to cover payroll for irregular contracts, or sudden, unexpected increases in business. Billing through general contractors can often result in later payment terms, which was causing a shortfall in available cash. Bay View Funding works with a multitude of oil and gas companies, and was able to provide a reliable invoice factoring service, which covered the cash shortfall, and enabled the business to pay their subcontractors on time.