Trade Finance Solutions, Inc. (TFS) announced it has provided a $3 million accounts receivable financing facility to an oilfield services company in Alberta, Canada.  The third generation company saw a drop in sales over the past quarter due to the slowdown in oil patch activity.  In addition, many of its customers, who are leading players in the oil patch, have extended their payment terms.  As a result, the client was out of covenant with its chartered bank.  TFS was able to quickly provide a financing alternative to pay out the bank and provide additional working capital to assist with managing longer payment terms.

“This is our third funding in Alberta this month.  With the drop in oil prices and the slowdown in the economy, the chartered banks seem to be pulling back,” said Anne MacRae, Vice President of Business Development for TFS.  “We are pleased to be able to assist strong companies take advantage of growth opportunities or weather a storm and we are actively looking to do more business in the oil sector.”

About Trade Finance Solutions, Inc. (TFS) – Founded in 2006, with offices in Toronto and Miami, TFS provides factoring, loans against receivables, purchase order financing, asset-based lending, and supplier credit to Canadian and American clients on an on-going or short term basis, with a focus on international trade.  Since its’ inception, TFS has funded over $1billion in client transactions.