Daily News: April 9, 2015

Versant Funding Closes Factoring Facility for Contractor

Versant Funding recently closed a $3 million factoring facility for a defense contractor based in Alabama.

The company had an immediate need for cash to meet a $1 million payroll by the end of the week, but with a short time frame and a single debtor concentration, was having difficulty securing funding.

Versant Funding provided a solution to the company’s cash-flow challenges by funding the deal four days after initial contact. The factoring facility allowed the company to meet its payroll and continue its growth.