Seacoast Closes Asset-Based Lending Facility for IT Services Provider
Boynton Beach, FL – April 16, 2018 – Seacoast Business Funding closed an $8,000,000 Asset-Based Lending facility for a southeastern based IT services provider specializing in managed IT services, value added resale and channel sales. The company will be utilizing the proceeds of the asset-based lending facility to leverage accounts receivable to pre-fund new contracts for hardware, software and additional front-end costs.
Jay Atkins, president of Seacoast Business Funding commented, “We were able to put together an aggressive structure that closed quickly, providing our client with the working capital to remain on target with on-boarding a large customer.” The client was referred to Seacoast Business Funding by Seacoast National Bank.
About Seacoast Business Funding
Seacoast Business Funding provides customized and timely working capital financing solutions to small and middle-market companies engaged mainly in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 Million. Credit facilities are in the form of Factoring, Invoice Purchasing or Asset-Based agreements. Seacoast Business Funding is a Division of Seacoast National Bank. Member FDIC.
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