Austin Financial Services funded a $2.5 million ABL credit facility comprised of an A/R revolver to a staffing firm based in Silicon Valley.
The company provides design engineering services worldwide to Fortune 500 companies. It was looking to replace its existing factoring line with a more flexible and competitive ABL line of credit that was customized with its current and long-term business needs in mind. The client needed to fund quickly, and AFS was able to help it meet this goal by funding and paying off the existing lender obligations in fewer than three weeks.
Additional funds generated under the line of credit were used to meet the company’s immediate cash needs for near term growth in addition to general working capital needs and new business opportunities.
