Amerisource Reports New Business for Fourth Quarter of 2011
Release date: 2/15/2012
Amerisource Funding, the leader in working capital financing and outsourced credit solutions for growing businesses throughout North America, added nearly 30 new clients in the fourth quarter, with total funded commitments in excess of $17 million for the quarter. Details on two of these new clients can be found below.
“When faced with the decision of how to finance their companies, many business owners are opting to preserve their equity through accounts receivable financing rather than alternate methods that dilute ownership,” said D. Michael Monk, managing director. “We expect to see demand continue for our financing and outsourcing solutions.”
Amerisource has provided over $3 billion in financing to more than 1,500 growth-oriented businesses, while maintaining aggregate historic bad debt losses of less than 0.12%.
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REFERRAL SOURCE
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SITUATION
- Plastics fabricator; in business since 2009
- The Company was originally a division of a larger corporation. When the corporation decided to close the division, the management team purchased the assets with financing from a community bank.
- The Company’s sales took off and the Company needed to increase its line of credit, but the bank was unable to increase its exposure.
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APPROVAL PERIOD
- 4 business days; additional 6 days to fund
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RESULT
The Company used Amerisource's new, larger line of credit to finance new order fulfillment, and the business is growing quickly. The bank is still providing term financing for the Company and is working with Amerisource to ensure the Company has the financing it needs to continue its expansion. |
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REFERRAL SOURCE
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SITUATION
- Temporary staffing company, subsidiary of a larger publicly-traded corporation; in business since 2002
- The Company is growing rapidly and the bank was unable to continue to increase financing availability to support the growth
- The Company’s lender contacted Amerisource to assist the
Company
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APPROVAL PERIOD
- 9 business days; additional 3 days to fund
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RESULT
Amerisource approved an asset-based revolving line of credit under a borrowing base structure to refinance the existing bank line. The Company obtained additional working capital immediately, and had the flexibility to continue its plans for growth without interruption.
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Founded in 1984 and headquartered in Houston, Texas, Amerisource is one of the largest and fastest-growing independent commercial finance companies in the country. Amerisource provides working capital financing and outsourced receivables management to small and middle market companies with financing needs from $50,000 to $10,000,000. Core products include asset-based lending revolvers, accounts receivable factoring, seasonal bank "over-lines", outsourced A/R, credit and collections management, debtor-in-possession ("DIP") financing, trade finance for importers, and export factoring. Amerisource also provides portfolio management and servicing for banks through its private label program America's Back-Office for Lenders (TM) and portfolio acquisitions and liquidations.