Updated: Dec 19, 2019
Porter Capital, an asset-based lender and invoice factoring company based out of Birmingham, AL, experienced a strong end to Q3 and a great start to Q4 by extending over $10 million in financing to small business owners. The companies that were supported in September and October 2019, via access to quick working capital, were spread out across multiple industries throughout the United States; even with the rocketing success Porter Capital is still optimistic about breaking more records thanks to an ever-growing sales pipeline in November with more than 6 weeks left in the calendar year; highlights were:
A financial services company based in Midland, Texas, was experiencing rapid growth while providing alternative solutions to Oil and Gas companies. Porter Capital established a $2,000,000 credit line to help with future growth and back-office solutions.
A commercial maintenance company in Georgia was looking to leverage roughly $200,000 in accounts receivable to one customer on a non-recourse basis. Porter Capital was able to size up the risk and fund the company as requested. The factoring line injected much-needed cash while positioning the company for more growth with its only customer.
A successful staffing company located in the northeast was forced to take out a merchant cash advance due to maxing out their small business loan from a community bank. Porter was able to beat out two other factors by getting flexible with the structure of the deal and pay off both lenders with a $1,000,000 accounts receivable line.
A newly organized digital advertising firm was seeking a financial partner to help with the acquisition of a competitor that had recently been placed into the special assets division of their local bank. Porter was contacted by a trusted investment banker who needed a custom structure for their client. We were able to secure a $1,500,000 accounts receivable line, removing the bank and providing enough liquidity to finalize the acquisition.
An apparel company specializing in sportswear was needing a lender who could pay off their existing debt and be more flexible on shipping terms and recourse days. The broker had experience with Porter and knew our appetite which gave us a chance to win the deal from a few other competitors. Given our history of apparel clients and years in business, we established a $4,000,000 accounts receivable line that freed up capital that’s rejuvenated the company's morale and helped fulfill orders to get the company focused back on sales.
A well-established coffee warehouse looking to expand operations in Miami was seeking a $250,000 factoring line of credit to help boost their cash position while searching for acquisitions. Porter moved fast and established the line for the client and funded the transaction in less than seven business days.
Porter Capital has been helping companies grow by providing alternative and flexible credit facilities for over 28 years. Our mission is to customize financial solutions, to increase liquidity immediately, alleviating existing financial problems getting businesses back on track. We strive to give the best possible customer service and funding to our clients and help each one of them to the best of our ability. If your company is tired of always waiting for clients to pay your invoices and stressed about not having the capital or funding available, contact us today. We bridge the gap between invoice and payment once the product is shipped/delivered or services are rendered. Porter Capital's factoring department and operations team takes pride in how quickly it exceeds clients' initial funding expectations.
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If your business has outstanding invoices, long payment terms, payroll problems, rapid growth or in general need a working capital injection – Porter Capital can help get your company funded today – with an easy application and approval process, fill out the form below or click here to apply now, one of our business development officers will be in touch: