Allied Affiliated Funding closed two accounts receivable facilities for a total $2.8 million.
Allied first provided a $300,000 facility to a Florida-based telecom subcontractor who primarily focuses on AT&T projects. A new contract created an additional working capital need, but the start-up company had a limited operating history, and so turned to Allied to help with their growth.
Allied also proved a $2.5 million facility to a Louisiana-based manufacturer of protective structures that help in catastrophic events such as blasts, tornadoes, fires and earthquakes. The company recently emerged from an unsuccessful joint venture and had also received several large, new orders that needed to be fulfilled. With the convoluted background and history of the business and its ownership combined with large overhead expense needs, traditional bank financing was not an option. The funding by Allied allowed the business to relaunch with the capital they needed to complete new orders and grow the company.
