Date Funded: 4/12/12
Facility Amount: $1,000,000
The Company: This company provides temporary staffing for the food service, light industrial, and medical industries.
The Issue: This company, referred by an existing Allied client, approached Allied in need of working capital when they were recently awarded additional work with their primary customer. They will now be providing the staffing for several very large venues, and these new orders will potentially double the company’s existing revenues.
The Solution: In order to begin a factoring relationship with Allied, the company first needed to pay down their SBA loan and obtain a collateral carve-out for their primary customer’s receivables. Since their season is just getting started, the company did not have enough receivables to pay down the full amount. To help facilitate the funding, the company and Allied worked together to create a solution. Allied (through a term loan component) and the company jointly funded the shortfall.
The Win: Allied’s flexibility and willingness to offer a solution that included more than just factoring really made the difference for this company. This “Funding By Allied” will not only enable the company to continue to grow their business and their relationship with their largest customer, but it truly will give this company the working capital they need to transform their business!