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Sallyport Provides $1.75MM Financing for Oil and Gas Company

October 07, 2022, 07:00 AM
Filed Under: Oil & Gas

Sallyport aannounced $1,750,000 in accounts receivable finance for an oil and gas company in the US.

The client was referred to Sallyport through an existing client in the energy services space who were more than happy to recommend our services. We secured the business through our clients’ strong connection with the prospect and their ongoing relationship with Sallyport EVP Emma Hart.
The pandemic resulted in some cash flow challenges for this business as they saw income dropping and profitability taking a downward turn. They also want to be able to acquire several new contracts which they were unable to until liquidity improved. The injection of working capital will allow them to commit to these new contracts and subsidize the losses incurred during COVID until they regain profitability.

In the longer term, the client hopes to adjust their structure to allow one of the owners to take greater control of the company and grow their revenue to $25M a year.

James Bartel, Senior VP for Sallyport, is grateful for satisfied clients whose positive experience leads them to endorse Sallyport, our services and team…“It is always great to have a client recommend us to their industry peers based on a resoundingly positive experience. We’ve helped many businesses in the oil and gas sector this year and I am sure this one will be no different - they are well equipped now and will show a vast improvement in their business in the coming months and we look forward to seeing it!”

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