Allied Affiliated Funding closed $500,000 in receivables financing for a Texas-based water conservation and efficiency company focused on water management services such as planning, managing and maintaining irrigation systems.
The company aims to provide their customers with sustained water savings. Customers include municipalities, home owners’ associations and commercial businesses.
The company had recently received more business with a new, large customer, creating concentration concerns and suppressed availability under their existing traditional bank line of credit. The growth with this customer is expected to continue to increase through the rest of 2019.
Their long-term banker referred the transaction to Allied to provide a credit facility for a single account debtor ‘carve-out’ to support the company’s ongoing growth and working capital needs.
The Allied funding gave the company said working capital to continue to grow their business, while giving their bank the ability to maintain their existing line of credit and treasury services.
Allied Affiliated Funding is a division of Axiom Bank which specializes in factoring and asset-based lending and provides credit facilities, including accounts receivable financing, inventory, equipment, real estate and term loans.