CapitalPlus, a provider of receivables financing for the construction industry, provided a $3 million financing facility to a prominent Louisiana-based marine contractor. This strategic funding is designed to augment the contractor’s existing $25 million bank facilities, enabling it to secure essential materials for upcoming projects.
The contractor was awarded a substantial project that required a large materials purchase. Although it could have made the purchase without external support, it turned to CapitalPlus. The strategic collaboration enabled the contractor to capitalize on early pay discounts from suppliers by making advanced payments for materials 60 days ahead of its regular schedule. This financial agility has provided the contractor with a significant competitive edge in the construction sector.
“Our materials purchasing program is specifically designed to address such critical needs,” Curt Powell, vice president of sales at CapitalPlus, said. “By providing timely financial options, we enable our clients to augment their existing bank facilities. This not only covers crucial expenses like payroll and materials but also strategically positions them to confidently undertake larger-than-normal contracts.”
