Baker Garrington funded three factoring facilities:
- A $500,000 factoring facility to a water hauling company operating in New Mexico and Texas to support payroll and fund continued growth. As part of the process, Baker Garrington identified two existing UCC filings on the business and worked through having them terminated, clearing the way for a clean facility. The underlying collateral was straightforward for the sector: signed, stamped and coded field tickets, and the company’s customer base was strong and creditworthy. With the facility in place, the company can keep trucks moving and take on the additional volume their customers are asking for. They’ve also been added to Baker Garrington’s fuel card program for additional savings at the pump.
- A $250,000 factoring facility to a startup pump services company based in Texas, providing pump parts sales, repair and maintenance services to oil and gas companies. As a new company, the biggest hurdle was simply getting started. Building a track record and cash flow foundation from scratch while continuing to bring on more work. Strong credit behind their debtor, with Open Invoice access to verify activity, gave Baker Garrington the confidence to move forward. With funding now in place, the company is positioned to keep taking on new business as it builds momentum.
- A $250,000 factoring facility to a specialized contract labor and personnel company serving the oil and gas industry, based in Wyoming. Keeping payroll funded and on time was the core challenge driving the need for a facility. One factor Baker Garrington worked through in underwriting was a concentration with a single debtor. Baker Garrington got comfortable through its standard verification process and, combined with a sector Baker Garrington knows well, it made for a straightforward path to approval. With the facility in place, the company now has the flexibility to keep payroll funded on time, regardless of when client payments land.
