Universal Funding provided $1.5 million in accounts receivable financing to five new clients in August. As these new relationships grow over the course of a year, Universal will provide up to $18 million in financing to these companies.
Universal Funding, a business finance company that specializes in invoice financing, provided $1.5 million in accounts receivable financing to five new clients in August. As these new relationships grow over the course of a year, Universal will provide up to $18 million in financing to these companies.
The new accounts that commenced invoice factoring facilities in August include:
- A $200,000 monthly line for a trucking operation based in Tennessee;
- A $150,000 monthly line for a wholesale distributor based in Massachusetts;
- A $200,000 monthly line for a sport court resurfacing operation based in Florida;
- A $500,000 monthly line for a trucking company based in California; and
- A $500,000 monthly line for a crane fabrication company based in North Carolina.
“Over the next two months we anticipate seeing more wholesalers, distributors, and trucking companies to inquire about our factoring services,” says Ryan McCrery, Universal Funding’s VP of Business Development. “As retailers start stocking up with holiday inventory the wholesale and trucking industries will be busy but prone to cash flow shortages. Our services help these companies run smoothly without interrupting their services due to extended terms and slow paying customers.”