ALLIED AFFILIATED FUNDING PROVIDES $350,000 IN RECEIVABLES FINANCING TO EAST TEXAS LAND MAINTENANCE FIRM – OCTOBER 30, 2020
Date Funded: October 30, 2020
Facility Amount: $350,000
The Company: The Texas-based company provides right-of-way clearing and maintenance, excavation, land clearing and underground utility locator services to a variety of industries in the East Texas region. While the Company services a variety of industries, they primarily serve the energy sector, providing various land maintenance services to pipeline locations.
The Challenge: Historically, the Company had entirely self-funded, but the current owner recently bought out his partner and would now have a large monthly payment due in addition to payroll. The company had challenges being bankable due to the oil and gas industry exposure as well as the fact that they have an 89% concentration with their largest customer.
The Solution: Allied quickly provided accounts receivables financing for the Company’s largest customer.
The Win: Allied’s funding gave the Company the general working capital cushion they needed to maintain payroll, their most significant expenditure.