Helpful insights on good business practices, commercial loans, alternative forms of financing and planning your company’s future.
May 10, 2013
Date Funded: 5/8/13
Facility Amount: $500,000 facility and a $25,000 term loan
The Company: The company sells mirrors and art to the hotel trade industry and has recently diversified and expanded into the retail market.
The Issue: Management received new purchase orders from retailers. Therefore, the company needed a line of credit to support this growth, as well as a small term loan to help get started and purchase products.
The Solution: This company was referred to Joel Flig at Allied. Allied was able to creatively structure a credit facility and term loan to meet this company’s specific needs.
The Win: This Funding by Allied will allow the company to start buying inventory and to accept new orders to grow their business and further expand their product base.
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April 26, 2013
Date Funded: 4/22/13
Facility Amount: $1,500,000 facility and a $100,000 term loan
The Company: This Texas company supplies office, janitorial and printing products and services at a discounted rate to its customers. They are a one stop shop for printer maintenance and monitoring, cleaning products, paper products, industrial tools and equipment, as well as also having partners that provide telecom services.
The Issue: The company’s current factoring relationship included large monthly minimum requirements that they originally agreed to for planned growth. However, the company’s sales stayed consistent, and they were paying a minimum fee on revenues they did not have.
The Solution: This company was referred to Chris Long at Allied by a local CPA. Allied does not require monthly minimums and was quickly able to establish a credit facility for this company that was more economical for them and better met their needs. Allied also provided the company a $100,000 term loan to pay off additional debts in the business.
The Win: This Funding by Allied eliminated the monthly minimum requirements so the company did not have additional fees that reduced their overall profit. This, combined with the term loan, will allow the company to focus on new sales and on their overall business without having to worry about the cost of their financing when they did not have the sales to support it.
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April 12, 2013
Allied Affiliated Funding is pleased to announce that the International Factoring Association (“IFA”) will soon be officially launching the world’s only factoring Account Executive Certification Program. In 2009, the IFA began developing this fully accredited certification program for Account Executives involved in Factoring and Receivables based finance. Professional certification is the voluntary process by which a non-governmental entity grants a time limited recognition to an individual after verifying that he or she has met predetermined and standardized criteria. This differs from a Certificate Program that rewards individuals for attending classes or merely performing coursework. This 100 question proctored exam will provide individuals a way to measure their factoring knowledge and skill sets while elevating the factoring industry as a whole by having uniform standards and accreditations.
Our very own Gen Merritt-Parikh, Chief Operating Officer, has played an integral part in the development of this program by serving as a Subject Matter Expert (“SME”). Only the most respected names in the factoring industry served in this capacity, and Gen was one of only eleven nationwide. As a SME, numerous discussions were held in order to determine the competencies and skills to be tested and the weight each should receive on the exam, all while adhering to rigorous guidelines in order to uphold testing standards.
Ultimately, certification applicants will have the ability to sit for an exam that will be administered in over 375 locations across the United States and Canada. We are very proud of Gen’s vital contributions to such a ground breaking achievement for the factoring industry!
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March 27, 2013
Date Funded: 3/26/13
Facility Amount: $1,000,000 including a $500,000 purchase order facility
The Company: This Texas-based company is a distributor of costume jewelry, ladies hats and various accessories.
The Issue: Since the company was still in a start-up phase, they were not eligible for a traditional bank line of credit. In addition, they were seeking purchase order funding with their working capital facility to help with accepting new orders from their customers.
The Solution: This company was referred to Allied by a former client. Allied was able to work closely with the company to fully understand their business and then structure a transaction that would work best for their business needs.
The Win: This Funding by Allied will not only provide this company a working capital facility but also a purchase order facility so they can focus on new sales and grow their business.
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March 18, 2013
Date Funded: 3/14/13
Facility Amount: $200,000
The Company: This Texas-based company operates as a staffing franchise business.
The Issue: Prior to partnering with Allied, the company received financing from their parent company’s traditional bank line of credit. As part of their business strategy, the company was recently spun-off as a separate legal entity. However, with their limited independent operating history combined with their need for a line of credit that could grow as they continue to expand their franchise model, the company needed a new working capital provider who could not only provide a flexible financing arrangement but who could also grow with them to accommodate their expansion needs.
The Solution: This company was referred to Allied by an existing client, and Allied was able to provide them with a facility that fit well within their business model, including a higher advance rate than what their previous bank lender could provide.
The Win: This Funding by Allied will allow this company to focus on their franchising business and to continue expanding their model until they are ready to obtain another form of bank financing.
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February 20, 2013
Date Funded: 2/19/13
Facility Amount: $150,000
The Company: This Arizona company is a provider of mobile marketing technology that enables major brands and enterprises to engage consumers via their mobile phones and other smart devices via mass text messages. This company removes the complexity of this communication process involving networks and software through providing a suite of services and technologies.
The Issue: This company needed working capital for a newly received client contract with a large food service company. They only wanted to finance this one contract to support their continued growth.
The Solution: This company was referred to Allied, and Allied was quickly able to establish a credit facility to meet this company’s needs despite the single customer concentration.
The Win: Factoring with Allied will allow this company to smooth out their cash flow fluctuation and enable them to provide more accurate financial forecasts while allowing the company to fulfill this new customer order.
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January 30, 2013
Allied Affiliated Funding is pleased to announce the promotion of Joel Flig to Executive Vice President, Principal. Flig originally joined Allied in January 2010 as Managing Director, New Business for the Northeast Region of the United States, where he has been personally responsible for generating more than half of all new business developed during his three years with Allied.
Flig is a Senior Finance Executive and seasoned Marketing Professional, highly experienced in new business development and in the evaluation of factoring opportunities. “Joel is a tremendous asset to our team,” said Clay Tramel, CEO. “His leadership, strong work ethic, and solid business and broker relationships have proven to be invaluable.”
Prior to joining Allied, Flig worked as the EVP and National Sales Manager for Greystone Business Credit, where he was responsible for all new business proposals sent out to clients, and he managed and developed a nationwide sales force of seven people.
Prior to that, he was the Founder and Co-President of Financial Solutions Group/Capital Solutions Group, an investment banking company specializing in the placement of middle market companies requiring asset based and factoring credit facilities. They arranged and placed more than $600M in debt transactions nationwide.
Before founding his own company in 1990, Flig worked in the Corporate Lending Division of Aspen Federal Bank and Union Chelsea National Bank and in Middle Market Lending at Republic National Bank of New York. He also completed the Management Development Program at Chase Manhattan.
Allied is a nationwide commercial finance company specializing in accounts receivable factoring, offering facilities from $100,000 up to $10,000,000. Founded in 1992, Allied remains one of the longest-tenured, privately owned factoring companies in the United States today.
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January 14, 2013
Date Funded: 1/11/13
Facility Amount: $8,000,000
The Company: This Virginia company is a value-add procurement supplier that places purchase orders and acts as an agent for the buyer with third party suppliers for products, services, and other items.
The Issue: The company was financed by another factor that recently changed their business model implementing new account management and reporting policies. This change impacted the company’s business model as well as their customer relationships.
The Solution: This company was referred to Joel Flig at Allied, and Allied was quickly able to establish a more flexible credit facility to better meet this company’s needs.
The Win: Allied was able to transform this company’s options by stepping outside of the box and providing a flexible solution that would satisfy the client’s specific business model requirements.
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January 9, 2013
Date Funded: 12/28/12
Facility Amount: $700,000
The Company: This New York based company is a designer and manufacturer of ladies sportswear, jackets, pants, shirts, blouses and sweaters. The company distributes to specialty boutiques throughout the United States along with selling to a major retailer.
The Issue: This family owned business experienced declining sales due to the economic downturn. Historically, the company had annual sales of $14 million. Sales for the last two years have run closer to $4 million, which was below the minimum volume requirement for their current retail-focused factoring company.
The Solution: This company was referred to Joel Flig at Allied by a broker. The company chose Allied to replace their current factoring facility which, unlike Allied, included minimum funding requirements. Allied was quickly able to establish a more flexible factoring facility for them.
The Win: This “Funding By Allied” will allow the company to meet their working capital needs while also allowing the owners to focus on new business opportunities to rebuild their sales volume.
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January 7, 2013
Allied Affiliated Funding (Allied) is excited to announce that Chris Long joined the company to further develop their growing portfolio of regional and national accounts. Long comes with a wealth of experience within the finance industry and will oversee the Southwest region.
Chris Long joins Allied as Vice President, Business Development to continue Allied’s success in being the leader in accounts receivable financing for middle market companies. “I am very excited to join an experienced team that is innovative in offering creative solutions to benefit the client’s working capital needs.”
Mr. Long brings almost a decade of banking experience to the Allied team, most recently as a Business Banker for Bank of America. During his time there, he was responsible for providing comprehensive financial solutions and business expertise for business owners by growing the lending and deposit portfolios of the bank.
Mr. Long is a proud Red Raider from Texas Tech University and an active member of the Texas Tech Alumni Association. He holds a Bachelor’s degree in Animal Science with an emphasis in Business. Since 2006, Long has been on the committee for Ducks Unlimited, Dallas Chapter where he currently serves as Treasurer.
“We are very pleased to have Chris join Allied as Vice President, Business Development for the Dallas/Fort Worth market and the entire Southwest region of the U.S.,” said Clay Tramel, CEO. “With his in depth knowledge of the factoring business and his prior banking experience, Chris will be a tremendous asset to our team.”
Allied Affiliated Funding is a nationwide commercial finance company specializing in accounts receivable facilities from $100,000 up to $10,000,000. Allied is celebrating its 21st anniversary this year, remaining one of the longest tenured and privately owned factoring companies in the industry.
Gen Merritt-Parikh
COO, Allied Affiliated Funding
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