Federal National Closes ABL Facility for Courier Company
Federal National Commercial Credit announced it recently closed a $6 million ABL credit facility for an expanding Southeast courier service.
The company recently won a substantial contract with a major dot.com retailer and needed additional capital to hire drivers and expand outside of the current footprint. The courier’s financial advisor introduced FNCC to facilitate improved working capital availability and greater flexibility in their credit line.
The facility included a sub-limit for earned but unbilled accounts that helped provide a solution to the cash-flow challenges of the company.
Access to Federal National’s senior decision makers, creative ABL structuring and timely closing was key to the success of this transaction.