Allied Affiliated Funding completed two transactions for a total of $1.8 million.
The transactions were:
- $1.5 million in receivables financing to a Texas-based trucking company that hauls frac sand, along with cement, fly ash and other non-hazardous dry bulk commodities for the oil and gas markets. The company needed a new factoring partner because its current factor was leaving the industry. This funding is helping a family owned business by allowing them to have the working capital to accept new and much larger orders to help them grow.
- $300,000 in receivables financing to a Texas-based boutique staffing company that provides temporary and permanent placement receivables, focusing on IT, finance and accounting, HR and office support roles. As a new company, the owners were seeking a factoring partner that would help as they launched and continued to build customers and grow. The company had been working with another factoring company, but after several weeks to obtain approval and an unwillingness to change their closing documents or funding processes to meet the needs of the company, the owners were referred to Allied by their attorney. Within two weeks, Allied was able to approve, negotiate documents and fund the company, giving them the flexibility and funding they needed to focus on growing their business.
_x000D_
_x000D_
Allied Affiliated Funding is a division of Axiom Bank.
