Allied Affiliated Funding, a division of Axiom Bank, announced the following recently closed transactions:
- $1,500,000 in invoice factoring to a Texas- and Pennsylvania-based aviation services company that provides comprehensive helicopter repair and flight services. They had been financed by another factor for about a year and were in good standing.However, as a result of an organizational change at the factoring company, they decided to seek a new factor. In addition to the refinancing, Allied created a pricing structure that worked better for the company, only charging them for the actual funds being utilized each day, which gave the company more flexibility in managing their cash. This funding by Allied helped the company refinance their existing obligations and provided a larger, more flexible facility for projected growth.
- $2,000,000 in receiving financing including a $275,000 inventory loan to a Texas-based telecommunications company that sells and maintains reliable two-way radio solutions to enhance communication, security and efficiency for effective business operations. The company suffered a decrease in revenue. To compensate for this, the owners had taken several cash advances from online lenders at extremely high interest rates. This exacerbated their losses, prompting them to rethink the way they were now doing business. The company’s existing factoring relationship was no longer offering the flexibility they needed. Referred to Allied by their banker, Allied was provided a $2,000,000 credit facility plus a $275,000 inventory loan providing the company sufficient monies to pay off their expensive cash advance loans and additional working capital as they realigned the business and refocused on sales. This funding by Allied provided the company with the working capital to run and grow their business.