Allied Affiliated Funding closed two transactions totaling $1.8 million for two different clients.
Allied first closed $1.5 million in invoice factoring – including a $100,000 term loan – for a Florida-based, national market research data collection company.
The company has been performing telephone and online data collections since 1995, working with market research companies, social science and health care studies that then sell the results to corporate America, while also focusing on political surveys during election periods.
For about five years, the company had been financed by a bank factor that, over time, had been increasing the funding size requirements for its clients. Additionally, the company experienced losses over the last year due to some litigation, which had been settled. This combination resulted in the owners seeking a new financing partner, and they subsequently approached Allied for help. The new Allied funding will allow the company to refinance their existing factoring line and provided ongoing working capital as the owners rebuild their business.
Allied also provided $300,000 in invoice factoring to a Texas-based software company which creates and deploys custom SaaS solutions to meet the specific needs of each of their customers.
With their consulting services driving the business, the company offers business road mapping, technology road mapping, consulting, developing and support.
The company recently obtained a large contract resulting in a single customer concentration that prevented it from receiving traditional financing from a bank. The owner of the company had prior experience financing another company with Allied. Because of his familiarity and prior success, he approached Allied for help with his new project. Allied provided almost immediate funding for the new invoices and enabled the company to both take on this new customer and help other new projects going forward.
