FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


Amerisource Funds Two New Start-Up Firms

April 18, 2017, 08:00 AM
Filed Under: Staffing Services

Amerisource Business Capital announced the closing and funding of two separate $450,000 asset based revolvers. One was a Virginia-based staffing firm and the other a freight brokerage firm operating out of Texas, Oklahoma and Mississippi.

The staffing firm, newly established in 2016, provided general labor solutions to manufacturing and shipping industries. The start-up firm found that obtaining funding was a challenge. They had vast industry experience but required the additional cash flow to purchase insurance and meet their payroll requirements. Amerisource was able to fund their first insurance payment to get them covered on new contracts and provide payroll.

“This client has worked very hard to establish good relationships with his customers. He trusts Amerisource to enhance those relationships. That makes me proud to do what I do and be able to help him grow his business," said Lori Lemuel, Amerisource’s Regional Market Manager.

The freight brokerage firm, also established in 2016, provided transport solutions to businesses by liaising with external carriers. The firm needed additional funding to support their cash flow requirements. This ensured that they could pay their carrier in the required 21-day time frame, when their customers typically paid in 35-45 days. Amerisource is uniquely positioned to provide funding for this industry.

Most finance companies will not provide funding to freight brokers because the industry carries unique risks for a lender. Andy Allaire, Amerisource’s Regional Market Manager states: “The client was rapidly growing and needed a very quick turnaround to continue to support their growth. They spoke to a few different finance companies and chose Amerisource due to our ability to quickly turnaround the transaction and flexibility in handling the special characteristics of their business”.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.