Date Funded: 4/25/17
Facility Amount: $11,000,000
The Company: This New Jersey-based staffing company provides security and staffing services primarily to airports throughout the U.S., along with offering aviation, transport and parking management services.
The Issue: Over the last few years, the company experienced increases in operational expenses due to new healthcare and union requirements. This caused financial stress on the business that resulted in the company’s bank lender asking them to refinance their line of credit. In addition, the company was receiving new customer contracts which would help them grow. They needed to refinance their existing line and gain additional working capital to take on the new business and ultimately turn the company around.
The Solution: The Allied team worked diligently to formulate a creative solution which would provide financing on the accounts receivable as well as on the earned, but unbilled receivables. In addition, Allied provided a high advance rate so the company could achieve both of their immediate goals.
The Win: This Funding By Allied will provide the company with the working capital they need to exit their traditional bank facility and gain access to greater working capital.