Allied Affiliated Funding, a division of Axiom Bank, N.A., announced the following recently closed transactions: 

• $2,500,000 in Receivables Financing to a Texas-based based, woman-owned business that designs and manufactures BBQ grills, selling to national retailers throughout the United States. They recently received their first orders from two big box retailers with over $20MM in purchase orders over the next several months. The company’s existing, long-term bank lender wanted to keep the business but was unable to offer sufficient financing for this increased growth. The banker referred the transaction to Allied, knowing that Allied could “carve out” these new orders for receivables financing, while still giving the banker the ability to retain their line of credit at the bank along with their depository relationships. Allied was able to structure a customer specific, $2,500,000 receivables-based credit facility for this company. This Funding by Allied will give this business owner the opportunity to take on new business, keep her line of credit with her existing banker, and continue to grow and expand her products and her company.

• $2,500,000 in Receivables Financing to a Texas-based logistics company that provides professional loading services to a number of Fortune 500 companies throughout the United States. They handle a vast array of materials ranging from tires to retail goods. This company had been financed through a traditional bank line of credit since 2009. The company experienced losses in 2017 as they had underpriced locations and contracts, which ultimately resulted in past due taxes, a tax lien and the company having to shop for a new bank. They needed a new line of credit; however, the majority owner’s credit became a challenge in securing long term, traditional lines of credit at a new bank. Consequently, Allied was recommended as an interim bridge financing option. Moving forward with an Allied accounts receivables facility, the company got the necessary funding they needed. This Funding by Allied helped refinance the company’s current bank line of credit, payoff the IRS tax liens, catch up on their state taxes and provide additional working capital for their continued growth.