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Allied Affiliated Funding Closes $10MM Facility to Oil & Gas Contractor

October 13, 2014, 08:01 AM
Filed Under: Energy Services

Allied Affiliated Funding is pleased to announce the following recently closed transaction:

A $10,000,000 receivables financing facility that closed and funded within one week of sending out the proposal letter for a full service oil and gas contractor headquartered in Texas. The company primarily lays pipeline and had outgrown their fully utilized line of credit with their bank. They had a significant amount of suppressed availability in their receivables base.  Allied was able to coordinate with the company and their lender to carve out and finance specific customers to help the business with their cash needs, specially payroll.

At closing, the controller noted, “…how competent and pleasurable this experience has been given your entire staff.” This Funding by Allied will alleviate the company’s immediate cash flow issues, enable the company to focus on continued growth, and provide additional time for their management team to identify and move to a new bank line in 2015 that is large enough to accommodate their working capital needs.

Headquartered in Dallas, Texas for the past 22 years, Allied provides creative, flexible, and fast factoring and asset-based lending services to a wide array of industries. Allied's clients include commercial businesses with commercial accounts receivable that are seeking working capital but do not qualify for traditional bank financing. Additional offices are located in New York and Florida.

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