Allied Affiliated Funding recently closed two transactions, totaling $1.75 million.
Allied first provided a $750,000 accounts receivable facility to an Alabama-based telecommunications company specializing in fiber optic engineering and installation.
The veteran-owned small business made a substantial investment, replacing and expanding the vast majority of its equipment fleet, including drilling rigs, excavators and vehicles. With its recent growth, the company needed a new working capital provider. The new funding will help the company facilitate its growth while providing a reliable capital source should the company need more financing.
Allied also provided a $1 million accounts receivable facility to a Pennsylvania-based trucking company focused on oil and gas resource development throughout the U.S.
Recent growth in domestic shale activity, increased regulatory demands, pressure for increased efficiencies in the field and desire for increased environmental performance meant that the industry required a new type of provider. The company therefore decided to launch a new offshoot business to its existing environmental remediation company.
Previously financed by another factor, the company needed a financing partner who could provide a more aggressive rate and structure with same day fundings. The financing from Allied provided a higher advance rate, lower pricing and faster funding for this growing business.
