$ 8 billion service company contract funded
Porter Capital, a leading provider of accounts receivable financing for businesses, recently extended an $ 8 million A / R line of credit to a service company
Posted: October 27, 2021 at 7:00 a.m. EDT
BIRMINGHAM, Ala., October 27, 2021 / PRNewswire / – After the pandemic left a $ 40 million Service company with a cash flow problem due to paying customers later, new York-based investment banker, Attract Capital, LLC was hired to find a solution.
With a conventional loan facility not in business cards, the founder of Attract Capital, David barnitt, advised the company to secure a receivables financing facility that would put a significant cash position on the balance sheet from day one. To meet these needs, Attract introduced Alabama-Based A / R Finance and Asset Based Lender, Porter Capital.
Barnitt said, âWe went through our process and identified Porter Capital as a good choice. Porter responded quickly and led a straightforward process. I was impressed with their level of personal commitment to the deal. The Porter’s Agreement team was very professional and transparent with the client, creating a sense of certainty of closure and continued reliability of the funding. “
Porter extended a $ 8 million line of credit secured by accounts receivable. The credit facility allows the business to draw up to 90% of the invoice balance immediately while providing eligibility on invoices for up to 120 days. Since the company had never funded its invoices before or entered into an alternative financing agreement, training on the process was necessary.
John cox miller, Senior Vice President of Porter Capital, said: âAttract Capital has been instrumental in managing client expectations, informing them of how the funding works and allowing everyone to focus on funding the client. the credit facility. David and his team seemed to know exactly what we needed and managed an efficient process with the client. David also reviewed the credit agreements with the client and made them aware of the importance of certain arrangements necessary for an A / R lender. We are delighted to have a great client and to fund one for our trusted partners at Attract Capital. “
Barnitt added, âI am very happy to help my client obtain flexible and affordable financing. I am also happy to have helped Porter, a leading lender, close this deal and establish a new and evolving lending relationship.
The service company now has the ability to increase its cash flow and finance its growth without financial covenants.
About Porter Capital:
Porter Capital Corporation was founded in 1991 by brothers Marc and Donald Porter in Birmingham, Alabama. Porter provides working capital solutions to businesses across the country in a variety of industries. As a direct lender and factoring company, Porter Capital has provided over 8 billion dollars in financing since its inception. Porter Capital offers invoice factoring and asset-based lines of credit up to $ 15 million. Since the founding of the company, Porter Capital has grown to include a special transportation division known as Porter Freight Funding. Porter’s businesses continue to grow by providing working capital solutions, with a focus on personalized and dedicated customer service without sacrificing speed and efficiency.
To learn more about Porter Capital Corporation and how it can be a provider of working capital solutions for businesses, call 1-800-737-7344 or visit its official website website.
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SOURCE Porter Capital
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