Daily News: January 14, 2019

Sallyport Provides $1.95MM Facility to Engineering Firm

Sallyport Commercial Finance customized a $1.95 million accounts receivable facility for a Northwestern provider of various engineering and laboratory solutions to customers ranging in size from small start-ups to Fortune 500 companies.

The 25-year-old company’s expertise allows them to deal with products from different markets including aviation and consumer electronics.

“Having had a prior understanding of the client’s business, Sallyport’s team was able to implement a solution that would provide cash flow while strengthening their business. The previous lender wanted to cease their relationship with the client and Sallyport was able to step in and provide a way out so the company could maintain normal business operations and look forward to a prosperous 2019,” says James Bartel, Sallyport vice president of Business Development.

The facility will be used to pay off the current lender. Sallyport also plans to provide further assurance as a finance partner who both understands the business and can help fuel future expansion.