Allied Affiliated Funding announced that it closed $14 million in recently closed transactions.

The new deals include:

A $8,000,000 accounts receivable facility to a New Jersey-based company that designs and manufactures displays for large, well-known companies in a variety of industries.  In January 2018, new owners purchased the assets of this company with the help of a higher rate, short term factoring facility. After showing positive performance under their line, the company wanted a more flexible funding relationship with a lower cost of capital to help them further grow their business. The company sought a new financing partner, ultimately choosing Allied over the competition. Because the company now had some interim experience and operating history under their new ownership, Allied was able to provide a larger facility, higher advance rate and a lower cost of funds to help the business continue their growth trajectory for 2018. This Funding By Allied was a much better fit with the company’s plans for the future as they continue to rebuild the company, boost sales, and grow the business.

A $500,000 accounts receivable facility to a Kentucky-based company that provides wireless equipment and systems. The company specializes in wireless voice communication for industrial and public service use such as nuclear, public safety, energy and paper products manufacturing. This 38 year old business had been self-financed for the last year. With several large, new orders, they were seeking a working capital line to help take on these new jobs, especially for the customers with net 60 day terms. Allied had been calling on this business owner for a few years to check in on his capital needs. When the time was right, he remembered Allied and reached out directly looking for a funding partner who could finance the company before month end. Allied accepted the challenge, beating the timeframe and ensuring the company received the funding they needed quickly. This Funding By Allied gave this company the working capital they needed to accommodate their growth and fulfill their new orders.

A $1,000,000 accounts receivable facility and a $350,000 real estate loan to a Texas-based machine shop responsible for manufacturing component parts primarily to customers in the oil and gas industry. A family owned business since their conception in 1991, the company had experienced setbacks as a result of the fluctuating energy market. The company has worked with a bank since 2011. They lost money the last few years due to the energy downturn which caused stretch payables with key vendors, which caused a need to seek new financing as well. This all occurred at a time when they were receiving new orders for growth through the rest of this year. Their losses combined with this recent growth created a ‘cash crunch’ whereby the company needed a working capital provider to refinance their line of credit, help get vendors paid, and gain access to new capital for additional growth. They needed more than an accounts receivable line of credit. In just a few days, Allied was able to provide funding on the company’s line of credit in time to refinance their bank line of credit by month end and make payroll. To do this, Allied provided a 95% advance on the receivables and a small overadvance to get the first funding completed. To help with their future growth and pay down other obligations, Allied and the company also later finalized the $350,000 real estate loan. This two phased funding will help the company achieve their financial objectives and grow their business.