$2,000,000 in Invoice Factoring to Texas Oil & Gas Company – September 9, 2017
Date Funded: 9/7/17
Facility Amount: $2,000,000
The Company: This Texas-based, pipeline construction company digs the trenches, sets, welds and buries the pipe, and constructs the various pump stations along the line in the Texas, Louisiana, Oklahoma and New Mexico regions.
The Issue: The company recently began experiencing increased sales which also increased the company’s payroll and operating expenses. The company had been financed by a bank since 2007, but their bank was unable to increase their line because they were not comfortable with further exposure in the unpredictable oil and gas market.
The Solution: The company submitted their proposal to Allied late last week, needing a fast funding to cover payroll this week. Allied was able to work through several hurdles including a 100% customer concentration and non-notification requirements in order to meet the company’s funding timeline to refinance their bank line and to cover payroll.
The Win: This Funding By Allied provided the company with the growth capital they needed to quickly accommodate their increased sales, payroll and operating expenses.