Sterling National Bank financed a secured credit facility for a provider of software management solutions for the ground transportation industry.
Headquartered in New Jersey, the company provides on-demand software management solutions for the limousine and ground transportation industry. It historically self-financed its business activities since its inception in the late 1980s.
The company was presented with an opportunity to supplement existing infrastructure of a local municipality that provides paratransit services to individuals with disabilities and looked to Sterling National Bank’s Factoring and Trade Finance division to provide financing to support its ability to undertake this venture as well as future growth.
With the new financing, the company is poised to increase its revenue over the next 12 months.