Commercial Funding Inc. Closes $1 Million Factoring Line for Oil & Gas Engineering Firm
May 2, 2023
Source: Commercial Funding Inc.
SALT LAKE CITY, UT (May 1, 2023) – Commercial Funding Inc., a national provider of accounts receivable financing, including invoice factoring, and asset based lending, has closed a $1 million factoring facility for an engineering and project management company that services the oil and gas industry.
The company provides specialized engineering, technical support, and project management consultants for the Oil & Gas industry. Services include installation and maintenance of steam turbines, compressors, generators and more. In this technically complex industry, ongoing access to capital is critical to hire, grow and train their highly skilled teams.
The company’s business model was well-suited to factoring, but with a parent company based outside the United States, they were having trouble accessing working capital to fund growth. The lack of working capital was hampering their ability to hire qualified engineers, which then limited their ability to onboard new clients and take on new contracts.
Commercial Funding met with the U.S.-based management team to learn about the business model, customer base, and the intercompany relationship with the foreign parent company. This resulted in CFI having a full understanding of the operation, services provided, and a comfort level with the U.S. management. And because CFI is intimately familiar with the oil and gas industry, and already had significant experience with some of the company’s account debtors CFI was able to provide the facility they needed to grow their business.
The whole process, from initial contact to funding, was a couple of months due to the time required to gather information and meet with management. However, it was only two weeks between the time a letter-of-intent (LOI) was issued to first funding.
John Basich, Regional Sales Manager in Southern California, said, “The company has already brought on two new, large contracts, essentially doubling the previous year’s revenue, and they have improved their overall cashflow and financial stability.”
For more information, visit www.commercialfund.com or contact John Basich at jbasich@commercialfund.com or 310-980-2285
About Commercial Funding Inc.:
Commercial Funding Inc., a wholly owned subsidiary of Commercial Credit, Inc., provides invoice factoring, accounts receivable financing, and asset based loans to middle-market companies nationwide. Based in Salt Lake City, UT, the company serves businesses in a variety of industries including transportation, oil and gas, construction, waste, manufacturing, distribution, and staffing. For more information, please visit www.commercialfund.com.
###
Contact Information:
Julie Murphy
704-944-2771
jmurphy@commercialfund.com
The company provides specialized engineering, technical support, and project management consultants for the Oil & Gas industry. Services include installation and maintenance of steam turbines, compressors, generators and more. In this technically complex industry, ongoing access to capital is critical to hire, grow and train their highly skilled teams.
The company’s business model was well-suited to factoring, but with a parent company based outside the United States, they were having trouble accessing working capital to fund growth. The lack of working capital was hampering their ability to hire qualified engineers, which then limited their ability to onboard new clients and take on new contracts.
Commercial Funding met with the U.S.-based management team to learn about the business model, customer base, and the intercompany relationship with the foreign parent company. This resulted in CFI having a full understanding of the operation, services provided, and a comfort level with the U.S. management. And because CFI is intimately familiar with the oil and gas industry, and already had significant experience with some of the company’s account debtors CFI was able to provide the facility they needed to grow their business.
The whole process, from initial contact to funding, was a couple of months due to the time required to gather information and meet with management. However, it was only two weeks between the time a letter-of-intent (LOI) was issued to first funding.
John Basich, Regional Sales Manager in Southern California, said, “The company has already brought on two new, large contracts, essentially doubling the previous year’s revenue, and they have improved their overall cashflow and financial stability.”
For more information, visit www.commercialfund.com or contact John Basich at jbasich@commercialfund.com or 310-980-2285
About Commercial Funding Inc.:
Commercial Funding Inc., a wholly owned subsidiary of Commercial Credit, Inc., provides invoice factoring, accounts receivable financing, and asset based loans to middle-market companies nationwide. Based in Salt Lake City, UT, the company serves businesses in a variety of industries including transportation, oil and gas, construction, waste, manufacturing, distribution, and staffing. For more information, please visit www.commercialfund.com.
###
Contact Information:
Julie Murphy
704-944-2771
jmurphy@commercialfund.com
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