White Oak Commercial Finance’s government contracting finance division provided $4.5 million in factor and ABL-based credit facilities to three aerospace businesses providing specialized services to U.S. Defense agencies.
The first aerospace business is a veteran-owned, service-disabled startup located in Washington State that provides intelligence, surveillance and reconnaissance services (ISR) to the global unmanned aircraft system (UAS) industry. White Oak provided a $1.5 million factoring facility to fund the company’s working capital and payroll needs in support of its federal government contracts.
The second company is a Virginia-based engineering firm providing specialized aerospace, communications and national-security solutions to U.S. Department of Defense agencies. White Oak provided a $2 million asset-based lending facility after the company outgrew its existing financing with a community bank. The increased line of credit will allow the company to compete for and service large contracts and increase its R&D efforts.
The third company is a Virginia-based developer of autonomous, solar-powered perpetual flight vehicle systems for government and commercial telecommunication and emergency efforts. White Oak provided the firm with a $1 million factoring facility to fund its working capital needs and increase hiring in support of its federal government contracts.
“We’re honored to partner with these businesses dedicated to delivering groundbreaking aerospace systems to the U.S. Department of Defense,” Kysha Pierre-Louis, head of government contract financing at White Oak, said. “Our ability to provide them with flexible financing essential to meeting contract demands, creating jobs and supporting their mission of keeping the country secure brings us great pride.”