United Capital Funding, a Florida-based factoring firm, completed seven transactions totaling $11.7 million in accounts receivable financing.
Factoring deals include:
- $8.5 million credit facility awarded to a federal government contractor providing education and training support
- $1 million credit facility awarded to a Texas-based detergent manufacturing company
- $750,000 credit facility awarded to a Georgia-based temporary staffing firm
- $500,000 credit facility awarded to a New York-based security guard staffing firm
- $500,000 credit facility awarded to a Texas-based computer programming services company
- $250,000 credit facility awarded to a New York-based advertising agency
- $200,000 credit facility awarded to an Ohio-based chemical product wholesaler
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“Over the next 18 months, we’ll continue to see an increasing trend of transactions moving out of traditional banks as they hesitate to renew or increase working capital credit lines,” Ivan Baker, CEO of United Capital Funding, said. “The combination of multiple macroeconomic variables, increased FDIC oversight and reduced risk tolerance will provide substantial growth opportunities for lenders in the alternative finance sector.”
