Allied Affiliated Funding recently closed two transactions totaling $1.8 million for clients in Texas and Colorado.
Allied first provided $1.5 million in receivables financing to a 50-year-old, Texas-based printing company which provides sheet-fed, digital, wide format printing for their customers. The company had been working with another factor for the past year but experienced a few bumps internally with their billing processes, personnel and overcoming financial hurdles. Because of these challenges, they were dissatisfied with their factoring relationship.
Their banker referred them to Allied to establish a new financing relationship with greater funding availability to run the business, especially during their busiest season. The new financing gave the company the capital it needed to refinance its current factoring obligations while also providing flexibility and sufficient funding for its upcoming busy season.
Allied also provided $300,000 in receivables financing to a recently formed Colorado-based construction company which provides directional drilling and boring services to the underground utility construction market. This start-up business signed a new contract with a large electrical company, which caused an immediate, accelerated amount of growth for the business and triggered the need for a working capital partner who could meet its financial needs quickly and who wouldn’t require a long term operating history. The company also needed to meet payroll that coming week.
The company’s equipment lender referred them to Allied. Allied was able to complete all due diligence, finalize closing documents and fund in less than one week. The new funding helped the company gain access to necessary working capital for its growing business while also giving it the funding it needed to make payroll without worry.