Daily News: June 10, 2019

Allied Provides $1.25MM in Receivables Financing to Startup


Allied Affiliated Funding closed $1.25 million in receivables financing for an Ohio-based, woman-owned startup company that provides frac sand and last mile logistics to the oil and gas industry, serving the Utica and Marcellus Shale area.

The owners had prior experience and relationships in the industry and wanted to use their expertise to launch oil services business together. Right away, they received their first sale to a large, publicly traded company. This created a cash flow need to fulfill this new order.

Referred to Allied by an existing client, Allied was able to set up a financing facility in only a few days to help the company accept its first of many new orders, which helped get the new business up and running, as well as take on new business and grow.

Allied Affiliated Funding is a division of Axiom Bank which specializes in factoring, asset-based lending and credit facilities, including accounts receivable financing, inventory, equipment, real estate and term loans.