Versant  Funding funded a $3 million non-recourse factoring transaction to a supplier to the oil and gas industry. Since the energy  sector has rebounded from the impacts of the pandemic, this company has experienced increasing demand for their products. Meeting  this demand from both new and existing customers is putting increasing strain  on the company’s working capital position.

“Versant’s offering was an excellent match for this growing business in need of liquidity," according to Chris Lehnes, Business Development Officer for Versant Funding, and originator of this financing opportunity.

“Because we do not set caps on our factoring facilities, if our newest client continues to sell to strong customers in the oil and gas  space,  as their accounts receivable grow, so will their access to cash.”