Sallyport Commercial Finance provided a $350,000 accounts receivable facility to an oil and gas business after a bank failed to extend its facility. The funding will allow the company to reduce its accounts payable obligations and focus on growing sales in targeted regions. The business is closely related to two of Sallyport’s existing clients.
“It was great to be able to provide a facility for the client after months of efforts to finalize a solution,” James Bartel, senior vice president of Sallyport Commercial Finance, said. “The facility required subordination of an existing SBA EIDL loan which was a precise process requiring compilation of various key business documentation and a collaborative approach to working with differing SBA professionals. The team’s organized and dedicated manner essentially facilitated a funding solution.”
