Allied Affiliated Funding Provides $2,000,000 in Receivables Financing including a $750,000 Inventory Loan and a $200,000 Term Loan to New York Distribution Company – November 8, 2018
Date Funded: 8/31/2018
Facility Amount: $2,000,000 including a $750,000 inventory loan and $200,000 term loan
The Company: This New York-based distribution company designs and manufactures wipe-based products for the healthcare, education, fitness, food service and supermarket sector of the economy. In addition to wipe-based products, the company also has related accessories such as dispensers and wall brackets.
The Issue: This company was financed by another factor for the previous three years. However, the company was no longer satisfied with the quality of service they were receiving, so they sought out a new asset-based lending structured relationship to better meet their working capital needs.
The Solution: The company was referred to Allied, and Allied was able to provide a $2,000,000 financing facility to meet their needs.
The Win: This Funding By Allied refinanced the company’s existing line of credit, while providing even more funds and working capital through the additional asset-based lending products in inventory financing and a term loan for more growth.