CapitalPlus provided $13 million in factoring facilities in November for 27 clients.
Below are brief details of some key transactions:
- $1 million to a Texas-based civil construction contractor that needed to satisfy its cashflow needs. Their company took on several large projects that continued to eat up all its working capital. CapitalPlus provided a factoring line that satisfied its current and future cash flow needs.
- A Florida-based commercial drywall and metal framing contractor was working on a state project with paid when paid terms in their contract. The client was having to wait 45 days to 60 days to receive payment from their client. CapitalPlus was able to step in and assist with paying its vendors and give them the working capital needed to keep their project on schedule.
- $1.4 million to a startup concrete contractor in need of working capital. The owner had decades of experience in the field but was not able to secure a line of credit from the bank since it had been in business less than one year. After being approved by CapitalPlus the client was comfortable taking on several new and large contracts.
- $300,000 to a growing Ohio-based concrete contractor. Based on a solid history, CapitalPlus was able to expand its factoring facility to assist with the last few invoices on two current projects.
- An existing HVAC client needed the capital to purchase over $1 millionof new material and supplies to take on a large contract that did not allow materials to be invoiced until used on site. CapitalPlus purchased available receivables, and the funding was used to purchase the equipment and take on the new project.
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