BIRMINGHAM, Ala., Jan. 18, 2021 /PRNewswire/ — Porter Capital, a leading provider of accounts receivable financing and asset-based lending solutions for businesses nationwide, announced the funding of a $20 million facility in just three weeks. The client is a publicly-traded company who specializes in manufacturing machine tools and machines. The company sought a $20,000,000 line to be drawn down to enhance the balance sheet before year-end.
To meet their auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. Porter Capital was introduced about two weeks later than a competitor already reviewing the information.
“With only 2.5 weeks to go before year-end, an NDA was executed, and we were off to the races. We quickly organized a scaled-down field exam and circulated closing documents within a week,” said SVP, National Sales Manager, John Cox Miller.
“We are thrilled to be a strategic partner with this company. They are a global leader known for working with the largest brands in manufacturing and aerospace. We see extraordinary potential for their success and our goal is to help them expand with on demand cash flow,” said Director of Marketing & Growth, Blake Van Leer
To meet the tight funding window, conference calls were arranged at multiple different time zones at all hours of the day. Porter and the client were both eager to get the deal done. Despite the approaching holidays and vacations, Porter was able to fund the facility in just three weeks and the company was paid out with a $10 million initial funding before the start of the New Year.
About Porter Capital:
Porter Capital Corporation was founded in 1991 by brothers Marc and Donald Porter in Birmingham, AL. Porter offers working-capital solutions to businesses all over the country in a variety of industries. As a direct lender and factoring company, Porter Capital has provided over $6 billion in funding since inception. Porter Capital offers Invoice Factoring and Asset Based Credit Lines up to $15MM. Since founding the company, Porter Capital has expanded to include a special transportation division known as Porter Freight Funding. The Porter businesses continue to grow by providing working-capital solutions, emphasizing personalized, dedicated customer service without sacrificing speed and efficiency.
To know more about Porter Capital Corporation and how it can be a working capital solution provider for businesses, call 1-800-737-7344 or visit its official website.
Blake Van Leer
SOURCE Porter Capital