Daily News: August 8, 2013

Universal Funding Closes $3.9MM in Factoring Facilities in July

Account receivables financing company, Universal Funding announced that it facilitated nine new factoring lines in the month of July. The company said its July 2013 numbers show a strong start to the second half of the year.

“July proved to be our busiest and highest producing month with nine first time receivables financing accounts,” says Kyle Bergstedt, president of Universal Funding. “This was a great start to the third quarter and we anticipate Q3 to outpace the previous two quarters in terms of opening new accounts.”

The combined factoring receivables limit for the new accounts opened in July totals $3.9 million. Universal Funding Corporation has provided a debt-free cash flow solution that the companies can use to grow their businesses.

These factoring lines include:

  • A $1 million factoring facility for a vineyard in Napa Valley;
  • A $600,000 factoring facility for a fire alarm and monitoring company in Texas;
  • A $700,000 factoring facility for a furniture manufacturer in the Midwest; and
  • A $1 million factoring facility for a plastics recycler in Ohio.
  • These four factoring invoices accounts represent the largest new accounts in July; however Universal Funding also provided factoring lines ranging between $40,000 and $250,000 for five other businesses.