Seacoast Provides $14,500,000 in New Working Capital Lines
Boynton Beach, FL – March 4, 2022 – Seacoast Business Funding, secured $14,500,000 in accounts receivable facilities. The transactions added three new companies to the Seacoast portfolio.
A $10,000,000 asset-based facility with A/R and Inventory, was provided to a sports medicine and therapeutic product manufacturer located in the Southeast. The Company will utilize the proceeds to increase its product line to existing retail supply chain as well as expand into medical supplies.
A $2,500,000 factoring facility for an electrical supply distributor located in the Southeast. Increased demand as well as shipping delays has resulted in the need for an increased working capital line.
A $2,000,000 ledgered invoice LOC for a software & hardware manufacturer. The Company was seeking to establish a reliable working capital partner to support demand and the expansion of a business line.
President of Seacoast Business Funding, Jay Atkins, commented, “We understand the financial needs affecting manufacturing and distribution industries in the current environment, and our ability to move quickly ensures our clients the structure needed to continue without disruption. We met the needs of our clients by providing flexible and sustainable solutions, placing them in a position to maintain momentum and mitigate operational instability.”
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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