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Versant Funds $4.5MM Non-Recourse Factoring Transaction to MedTech Company

February 03, 2023, 07:14 AM
Filed Under: Factoring News

Versant Funding funded a $4.5 million non-recourse factoring transaction to a MedTech company which provides services to major hospitals and pharmaceutical companies.

This venture capital funded business expects to receive an Employee Retention Credit (ERC) from the IRS in the coming months but was looking for a source of funding to bridge them to that payment. Versant was able to quickly put a factoring facility in place which will provide the company with the short-term liquidity they sought.

“Versant’s offering was an excellent match for this business in need of bridge financing,“ according to Chris Lehnes, Business Development Officer for Versant Funding, and originator of this financing opportunity. “Because our approach to factoring focuses solely on the quality of accounts receivable and does not require an underwriting of our client, we were able to fund this business faster than any traditional funding source could.”

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