Allied Affiliated Funding, a division of Axiom Bank, N.A., Provides $1,500,000 in Receivables Financing to Oilfield Services Trucking Company – January 22, 2020
Date Funded: 1/16/2020
Facility Amount: $1,500,000
The Company: This Texas-based company primarily hauls frac sand, along with cement, fly ash and other non-hazardous dry bulk commodities (i.e., road base materials to build roads and drives) in and around Texas primarily targeting the oil and gas market.
The Challenge: The company was struggling with their existing factor who was not able to fund the same day and who could not help them with their growth needs. Additionally, the company had not had access to needed reporting to review their account, including what payments were being made. To continue growing with their customers and accept new orders while also getting access to needed reporting, the owners sought a financing partner who had a strong, reliable history and reputation that could also help them grow and who had expertise in their industry.
The Solution: The company was referred to Allied to help. Allied was able to set up and fund within a week, getting them immediate working capital, while also being able to offer online reporting with all access to reports, check and wire images and more.
The Win: This Funding By Allied is helping a family-owned business, giving them the funding they need to run and grow their company while also giving them the needed information to better manage their business.