nFusion Capital provided a $3 million asset-based line of credit to Kort Industries, a Texas-based steel fabricator and industrial fabrication specialist providing steel structures to environmental and oil and gas companies. The company offers fabrication maintenance services, pressure vessels, high pressure piping, tank repair and industrial coating.
Kort Industries was working with a factor but was unsatisfied with the service it received. As the company needed additional cash flow to take on new growth opportunities and meet payroll, it sought to move to an asset-based facility at a bank. However, it was declined a deal by a bank just days before the first funding, with the bank referring the company to Rachel Samuelson, senior vice president and portfolio manager at nFusion Capital.
“Our past experience with the credit facility process has proven frustrating and cumbersome,” Greg Kimbrough, COO of Kort Industries, said. “Then we were introduced to nFusion Capital — what a difference. Rachel Samuelson and her team are the epitome of efficiency and professionalism. They made the whole process very pleasant and simple. They took great care and time understanding our business to develop a credit facility tailored specifically to our needs, with a very smooth due diligence and set-up process. It has now been several weeks since we have closed and nFusion has lived up to every promise.”
With the facility from nFusion Capital in place, Kort Industries now knows in advance how much funding is available, allowing it to bid on more jobs without worrying about cash flow and payroll.
“This was not an easy transaction, but we stuck with our client until the end and got it done, waiting on issues that were beyond our control,” Samuelson said. “Due to unforeseen circumstances with a subordinate lender, the transaction got pushed to the 11th hour and nFusion had to work double-time to help meet their payroll obligations right away.”
