Sallyport Commercial Finance provided a $1.5 million accounts receivable facility to a Houston-based oil and gas services business that needed additional working capital to fulfill a growing number of orders.
Banks were reluctant to help the company due to its limited financial history, so the client was referred to Sallyport. The A/R facility from Sallyport will provide the working capital required for day-to-day operations while the client focuses on pursuing its ambition to lead the North American market for valve actuation and modification in the midstream oil and gas industry.
“It’s great to be able to provide a funding boost for a local Houston-based business,” Dean Winter, a business development executive at Sallyport, said. “This company, despite an impressive track record of profitability and growth, faced a funding gap due to limited financial history. Businesses with this potential shouldn’t be denied the opportunity for growth purely because they’re newer. I’m very excited to be a part of their ongoing success.”
