Sallyport Commercial Finance provided $7 million in accounts receivable financing and $9 million in machinery and equipment financing in a package for a recycled plastics manufacturer.
The deal was referred directly to Alexandra Scoggin, senior vice president at Sallyport. The funding will provide cash flow as the manufacturer grows and expands. The financing will also support the company in utilizing more recycled materials in the future so it can venture into other products outside its current core product range.
“I’m very excited to have funded our first workout arrangement for this banking partner. Our new client is making a product to make the world a better place,” Scoggin said. “I am thrilled to be a part of making a difference, both in their business and to the environment we all share.”
“It’s exciting to be able to financially support a company that’s invested in bettering our environment,” Howard Newman, president of Loeb, said. “To have worked alongside another alternative lender, Sallyport, and provide the financial flexibility and quick closing that a traditional bank cannot is a big win for our client.”
