Allied Affiliated Funding, a division of Axiom Bank, completed two transactions for a total of $1.8 million.
Brief details of the deals are:
$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. With its existing factor exiting the industry, the company needed a new factoring partner. The company chose Allied because of the funding speed to fund within one week, while also gaining more immediate access to online reporting to view payments and quickly and easily identify their fees.
$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 then 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.
