Allied Affiliated Funding Provides $1,500,000 in Receivables Financing to a Pet Wash Manufacturing Company – May 5, 2020
Date Funding: 3/18/2020
Facility Amount: $1,500,000
The Company: This New Jersey-based company manufactures dog washes sold to pet retailers.
The Challenge: The company launched in 2019 and was being funded by an affiliated entity. In addition to their limited operating history, the company experienced losses as they initially outsourced some of the manufacturing but then suffered vendor quality challenges. Management brought everything in house afterwards to ensure solid quality standards in the future. The start-up nature of the business, financial losses and new orders coming in the door created a cash flow need that required a financing partner who could help with their working capital and growth.
The Solution: The owners approached Allied for help, and we were able to set up a new facility for them quickly that included both domestic and Canadian-based customers.
The Win: The Funding by Allied helped provide sufficient cash flow for the company to accept new orders, alleviating financial pressure from their affiliated entity. Now, the company can focus on growing their business going forward.