Daily News: October 24, 2019

Allied Provides $650K in Receivables Financing to Two Companies


Allied Affiliated Funding recently closed two transactions totaling $650,000.

Allied first provided $500,000 in receivables financing to a Texas-based company that provides staffing services, primarily to the oil and gas industry.

To help start the business and take on new customers and orders, the staffing company needed a working capital line to be able to meet payroll while waiting for its customers to pay. After not being able to obtain financing through another lender it was familiar with already, the company was referred to Allied to help it set up a new factoring facility quickly. The funding helped these new business owners start their first business, becoming entrepreneurs. They were able to accept orders with new customers and launch their business.

Allied also provided $150,000 in receivables financing to a Texas-based company that provides steel fabrication, including sheet metal bending, laser cutting and plastic injection/heat molding for manufacturing companies.

To continue growing with its customers and new orders, the steel company needed a working capital line to be able to take on larger orders and help gradually grow. The company was referred to Allied to set up a new factoring facility quickly, so the company could begin work on its new orders. The financing is helping this family owned business by allowing them to have the working capital to accept new and much larger orders to help them grow.

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