Versant Funding funded a $2.5 million non-recourse factoring facility to a company that provides software and consulting services to major multinational companies.
The factoring company this business had relied upon for many years to meet its working capital needs refused to fund against invoices from a few key accounts. The resulting cash shortfall was reducing the company’s ability to service its customers.
“Versant focuses solely on the credit quality of our clients’ customers,” Chris Lehnes, business development officer for Versant Funding, and originator of this financing opportunity, said. “Since the company’s key accounts were financially strong entities, we were willing to factor all their invoices, greatly improving the company’s cashflow and ability to meet customer expectations.”
