Allied Affiliated Funding Provides $1,500,000 in Receivables Financing to a Pipeline Inspection Company – February 19, 2020
Date Funded: 12/24/19
Facility Amount: $1,500,000
The Company: This Texas-based company provides inspection services for pipeline/rigs and consulting and training services to the oil and gas industry.
The Challenge: The company had losses in the past few years and had taken on expensive cash advances to get through these cash struggles. Additionally, they were with a high rate factoring company. As the company turned the business around over the past year and continued to pay down their cash advances, they wanted to find a receivables financing partner that could reduce their cost and meet their working capital needs.
The Solution: The company was referred to Allied to help them set up a new factoring facility. Allied created a funding structure that paid down some of the cash advance debt while also providing a more competitive pricing structure that matched the company’s improved performance through their turnaround.
The Win: This Funding by Allied helped the company continue to reduce their costs and give them a factoring facility that would work with their funding needs.