Quickpay Funding established a $200,000 invoice factoring facility for a California-based ship repair company specializing in maintenance and fabrication services for U.S. Navy vessels. The new facility offers the working capital needed to manage labor costs, purchase materials and mobilize for time-sensitive defense projects.
“The ship repair industry, especially when supporting the U.S. Navy, faces unique financial demands,” Veronica Beach, vice president and chief operating officer of Quickpay Funding, said. “Companies often need to front substantial costs for highly skilled labor and specialized materials, while navigating extended payment cycles from large government contracts. Our invoice factoring solutions are specifically designed to provide the immediate cash flow necessary to meet these operational challenges, ensuring critical projects can proceed without delay.”
