Privately Owned Marine Services Company Needs Increased Working Capital to Support Government Contracts
A privately owned marine services company, that provides comprehensive underwater exploration. The company specializes in shallow coastlines and reefs as well as, deep waters. They currently had several pending government contracts that would double existing revenue from the previous year. This client needed to increase working capital to support the new contracts.
Time was of the essence, as the result of the slow “NO” by the existing lender. Since they had been in business for just over a year, the current lender would not increase their lending relationship and had already taken a month to give him them the bad news. The funds were needed because a large portion of the expenses needed to be paid prior to the company’s ability to bill for the services under the contract.
Seacoast Business Funding to the rescue! SBF was able to get comfortable with the government contracts and provide a facility on his existing assets to fund the needed working capital for the additional government business.