nFusion Capital, a provider of financing solutions to small and middle-market businesses, provided a $2 million factoring facility to a light industrial and skilled trades staffing company. The financing will support a strong pipeline of projects and ongoing growth.
The company’s expansion and project pipeline created substantial incremental working capital needs. Given the variability of project-based billing in the industry, the company sought additional financing from its prior lender. However, the request exceeded the lender’s risk tolerance, leading to an exit from the relationship. A tax consultant referred the company to Brice Reid, nFusion Capital’s senior vice president of business development, due to his financing expertise.
“This entrepreneur and the company demonstrate remarkable potential and a clear vision for the future,” Reid said. “I am proud to support their new projects and confident we can help propel their continued momentum.”
Reid and his team structured a facility a $2 million factoring facility, including an accordion feature to $5 million, from term sheet to closing in just seven days to provide maximum availability against progress billings.
The facility enabled the company to fund its operating expenses and begin work on new contracts it has won.
