United Capital Funding Group, a Florida-based factoring firm, completed 12 transactions totaling $10 million in accounts receivable financing in Q3 of 2022. The firm is a wholly owned subsidiary of Gulf Coast Bank & Trust Company, an FDIC-insured bank based in New Orleans, LA.
“As we continue to expand our presence in these industries, our goal continues to focus on the long-term financial success of these businesses,” Nicholas Pittas, national sales manager of United Capital Funding.
Factoring deals include:
- $3 million to a Tennessee-based packaging manufacturing company.
- $1.5 million to a New Hampshire-based hazardous waste treatment and disposal company.
- $1 million to an Arkansas-based medical staffing firm.
- $500,000 to an Ohio-based detergent manufacturing company.
- $500,000 to a New York-based communication line construction company.
- $300,000 to a New Jersey-based telecommunications services company.
- $250,000 to a Georgia-based temporary staffing company.
- $150,000 to a California-based temporary staffing company.
- $150,000 to a Maryland-based temporary staffing company.
- $100,000 to a New Jersey-based security services company.
- $50,000 to a New Hampshire-based computer system services company.
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Also included in these transactions is a $2.5 million credit facility awarded to a California-based sports equipment retailer. This transaction was negotiated as a debtor-in-possession (DIP) deal that allowed the business to stay in operation as it works out of Chapter 11 bankruptcy. With access to working capital and its increased liquidity, this business is executing its plan of reorganization and can maintain its longstanding relationship with its major retailer customer with the goal of returning to its pre-petitioned business volume.
