Versant Funding funded a $900,000 non-recourse factoring facility for a distributor of personal protective equipment.
This recently formed company, which provides face coverings, hand sanitizer and wipes, was experiencing increasing demand for its product line and required access to working capital to continue to meet customer expectations.
“Versant’s offering was an excellent match for this new business in need of liquidity,” Chris Lehnes, business development officer for Versant Funding and the originator of this financing opportunity, said. “Because we are strictly focused on the quality of our client’s accounts receivable and do not underwrite their business, the fact that this company had little track record or industry experience was not significant to us. Their strong customer base was enough for us to quickly approve and fund the company.”
