Versant Funding funded a $4.5 million non-recourse factoring transaction for a medical technology company that provides services to major hospitals and pharmaceutical companies.
This venture capital funded business expects to receive an Employee Retention Credit (ERC) from the IRS in the coming months but was looking for a source of funding to bridge it to that payment. Versant put a factoring facility in place which will provide the company with the short-term liquidity it sought.
“Versant’s offering was an excellent match for this business in need of bridge financing,“ Chris Lehnes, business development officer for Versant Funding, said. “Because our approach to factoring focuses solely on the quality of accounts receivable and does not require an underwriting of our client, we were able to fund this business faster than any traditional funding source could.”
