Sallyport Commercial Finance closed a $1.5 million accounts receivable facility for a newly formed staffing company that focuses on food processing and the manufacturing sector.
With an entrepreneurial drive and an experienced management team, the company secured several large contracts with nationally recognized vendors providing long-term and short-term staffing. The company’s equity partner quickly realized the need for a sustainable credit facility to fund projected growth and cover weekly payroll demands.
The company was directed to Sallyport to get the needed funding with a quick turnaround.
After taking the time to get to know the business, Sallyport was able to provide a flexible financing solution so this new company could meet payroll and focus on growing their business.
“The company came to us as a startup with no sales but with strong contracts in hand. They needed a partner to help fund future payroll that typically takes 30+ days to collect. Sallyport was able to provide a solution that helps the owners sleep at night knowing their workers would be compensated and leave the business with capital to take on new jobs. I’m excited to have this company on board and watch them grow!” said Vice President of Business Development Wade Concienne.