Sallyport Commercial Finance provided a $10 million accounts receivable facility to a supplier and trader of fuel and lubricants.
The company, which was a returning client to Sallyport, was recently awarded a substantial U.S. government defense contract spanning five years. The company required funding to fulfill the opportunity.
Having relied on self-funding in recent years, the company used the funds from Sallyport to serve as a fresh injection of cash flow, fueling growth initiatives with both existing and new clients. With aspirations to double or triple sourcing and distribution of fuel and lubricants in 2024, the company is projected revenues to reach $120 million.
“It’s always fantastic when a client returns to us for a facility when they have working capital needs,” Nick Hart, president of Sallyport Commercial Finance, said. “Relationships are built and maintained for years. Sallyport was able to structure a facility that enabled the client to secure themselves a hugely significant new contract.”
