Seacoast Business Funding secured $14.5 million in accounts receivable facilities, adding three new companies to its portfolio.
The first facility was a $10 million asset-based facility with A/R and inventory that was provided to a sports medicine and therapeutic product manufacturer located in the Southeast. The company will utilize the proceeds to increase its product line and expand into medical supplies.
The second facility was a $2.5 million factoring facility for an electrical supply distributor located in the Southeast. Increased demand as well as shipping delays created a need for an increased working capital line for the company.
The third facility was a $2 million ledgered invoice line of credit for a software and hardware manufacturer. The company was seeking to establish a reliable working capital partner to support demand and the expansion of a business line.
“We understand the financial needs affecting manufacturing and distribution industries in the current environment, and our ability to move quickly ensures our clients the structure needed to continue without disruption,” Jay Atkins, president of Seacoast Business Funding, said. “We met the needs of our clients by providing flexible and sustainable solutions, placing them in a position to maintain momentum and mitigate operational instability.”