Allied Affiliated Funding is pleased to announce the following recently closed transactions:
An $8 million accounts receivable financing facility and $500,000 term loan for a Louisiana-based company providing low, medium, and maximum security detention and incarceration services for federal, state, and local governments. The company was out of compliance with their bank covenants and out of formula with their lender. They were seeking a new financing relationship to pay off the bank quickly and provide ongoing working capital. Within three days, Allied created a flexible funding solution to fully pay off the bank loan by adding a term loan component. For ongoing working capital, Allied established an unbilled receivables facility to help the company gear up for their peak revenue season. This funding by Allied will give the company greater flexibility while also providing additional working capital for the seasonality in their business all without worrying about financial covenants.
A $150,000 factoring facility for a Texas-based company providing various services to the telecommunications industry. The company was in dire need of cash flow to pay their crews and had resorted to allowing their customers to take large discounts on their invoices in exchange for early payment. Allied was able to provide them a much more competitive rate and faster cash access due to same day funding.
A $200,000 factoring facility for an Atlanta-based distributor of water softener and reverse osmosis water treatment systems sold to major retailers. The company needed a line of credit that could support their growth while also accommodating the high concentration levels that can occur in their business. The Funding by Allied provided the working capital they needed to accommodate their growth while also allowing the company to hire new sales and installation representatives, all at a lower cost of capital than that of their former financing partner.
Allied is a nationwide commercial finance company specializing in accounts receivable factoring, offering facilities from $100,000 up to $10 million. Founded in 1992, Allied remains one of the longest-tenured, privately owned factoring companies in the United States.