Allied Affiliated Funding completed three transactions totaling $3.05 million.
Allied first provided a $2.5 million accounts receivable facility to an Oklahoma-based business that provides labor in support of Department of Defense contracts. The client came back after a year of self-financing when it received new contracts which required additional working capital. Additionally, a key customer slowed payments by about 10 days, creating a cash crunch and a need to make payroll within 24 hours. Allied expedited the financing, allowing the client to meet its payroll needs and providing new funding for growth.
Allied also provided a $200,000 accounts receivable facility to a Louisiana-based fuel management company that cleans large fuel tanks. The company had a limited operating history and poor owner personal credit, which closed off funding through traditional bank financing. The company needed a working capital line for impending growth and a financial partner who could move quickly. Allied provided the facility within four days of receiving the signed proposal.
Finally, Allied provided a $350,000 accounts receivable facility to two Texas-based companies with common ownership. One of the companies provides patient documentation software to the healthcare industry. The other company provides staffing and consulting services for its software. These companies originally worked with Allied in 2015, self-financing most of the time since. With some seasonality in its business and a recent cash flow need due to customer payment changes, the company needed to make payroll. Allied completed the financing within a week, allowing both companies to meet payroll, along with their other obligations.
