Accord Financial provided a $15 million facility, including asset-based loans against accounts receivable, equipment and real estate, as well as an Accord BCAP loan, to an oil and gas services company.
The client provides transportation, environmental and related services to the oil and gas sector. With operations in Alberta and British Columbia, the company needed a solid financing structure to gain access to sufficient cash flow to support growth.
On the heels of significant industry challenges prior to 2020, the oil and gas Industry has suffered an unprecedented crisis due to the COVID-19 pandemic, with demand disruption and low market prices, but the industry is now facing opportunities due to increased demand and rising prices.
“In a time where businesses are facing incredible uncertainly and instability, we are proud at Accord to provide a dependable source of flexible and timely financing, thus simplifying access to capital in growth or recovery situations,” Jason Rosenfeld, president of Accord Canada’s asset-based finance team, said.
