Seacoast Business Funding closed an $8 million asset-based lending facility for a Southeastern based IT services provider specializing in managed IT services, value added resale and channel sales.
Proceeds from the facility will be used to leverage accounts receivable to pre-fund new contracts for hardware, software and additional front-end costs.
Jay Atkins, president of Seacoast Business Funding, said, “We were able to put together an aggressive structure that closed quickly, providing our client with the working capital to remain on target with onboarding a large customer.”
The client was referred to Seacoast Business Funding by Seacoast National Bank.
