Sallyport Commercial Finance provided a $15 working capital facility with a provision to increase to $30 million to a producer of renewable fuels, distiller grains and alcohols.
The client was referred to Sallyport by an advisory firm after conventional lenders were unable to help. The client will use the facility to increase feedstock inventory levels and ramp up sales. The financing also will support the business with rebuilding and strategic growth plans through the remainder of 2023 and beyond.
With continued global movement toward clean and sustainable energy backed by existing and future government subsidies, the client has seen an increased emphasis on sustainable biofuels and has implemented an appropriate acquisition strategy. In addition, the company is implementing new technology within its plant to reduce gas and electricity consumption.
“During these uncertain times, traditional banking and ABL facilities were unable to come up with a solution,” Nick Hart, president of Sallyport Commercial Finance, said. “Sallyport stepped in and worked side by side with our client to craft a tailored solution that supported their strategic plans.”
“After many months of strategic planning, I’m very happy that we were able to create a solution that supports the continued growth of our latest client,” Alexandra Scoggin, senior vice president of Sallyport Commercial Finance, said. “We are excited to see our client’s continued growth and success in this important sector and look forward to supporting them on this next stage of their journey.”
