Sallyport Commercial Finance closed a $1 million accounts receivable facility for an industrial machining company targeting the aerospace and commercial sectors in the Pacific Northwest.
The business is currently in a turnaround situation that needed a lender who understood their circumstances and had the creative ability to structure a solution that would fuel the projected growth of the business. The existing lender turned to Sallyport to provide the needed working capital and to transition out of the bank.
“Our client needed help as they faced a covenant violation and mounting pressure from their bank. Fortunately, the firm had a turnaround CFO that had previously worked with Sallyport. In just over two weeks, we were able to help the client overcome an impeding tax issue, relieve confusion with multiple suppliers, and ultimately provide a beneficial solution all while the owner was traveling abroad,” stated James Bartel, vice president of Business Development.
The owner has decades of experience and is committed to the continued growth of the business and its path to profitability. With a turnaround plan already in motion, a confident interim CFO, and a flexible finance partner in Sallyport, the business can now focus on adding new customers and increasing their top line revenue.
