Allied Affiliated Funding Provides $1,000,000 in Invoice Factoring to Texas Electrical Contractor for the Oil & Gas Industry – May 25, 2018
Date Funded: 5/23/2018
Facility Amount: $1,000,000
The Company: This Texas-based company is an electrical contractor servicing the oil and gas industry. They focus on new, green sites and run conduit/tubing to each motor and device in the field. They then send power to each motor, smart computer set up, or other electrical work needed for that site.
The Issue: Being a start-up company formed in late 2017 and only having one customer concentration that was also requiring billing to be processed under specific guidelines, the company needed a working capital line, and quickly as invoices had started to age due to these special billing requirements.
The Solution: The company approached Allied for help, and Allied came through with a $1,000,000 credit facility. Working together, Allied and the company figured out how to get the invoices billed correctly so they could be processed for payment by the customer and move forward with new sales and more customers in the future.
The Win: This Funding By Allied will give this new company the working capital they need to continue to grow their start-up business.