New Client Highlights - $1.5M Auto Manufacturer and $300,000 Metal Fabricator
Release date: 11/29/2010
November 29, 2010 - Houston, Texas - Amerisource is pleased to announce it closed and funded 14 new client relationships in September and October 2010. This brings Amerisource’s total 2010 new commitments to just over $51 million.
September 2010
$1,500,000
A/R Finance Facility
Automotive Manufacturer
Michigan
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Referral Source
Situation
- Company manufactures prototype parts for the automotive industry
- Family business founded in 1980
- Company managed to survive the auto industry collapse over the past two years, and is now seeing a rebound in sales
- Existing lender not able to increase company’s credit line beyond $500,000 in this market
- Delinquent payroll taxes as a result of recent pressure on cash flow
Approval Period
- 7 business days; additional 5 to fund
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Result
- Amerisource was able to approve a large increase in the company’s credit line, allowing the existing lender to be paid off while providing significant additional working capital to the company. A reserve fund was established to address the company’s past due taxes in short order. Amerisource also brought in an inventory lender to support the company’s additional cash flow needs through the approaching growth cycle. With the supplementary working capital and Amerisource’s true “floating” line, the wheels are turning again for this manufacturer!
October 2010
$300,000
A/R Finance Facility
Metal Fabricator
North Carolina
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Referral Source
Situation
- Metal fabricator; in business since 1988
- Diverse and creditworthy customer base
- Company recently won a large contract to build a component used in sound barriers
- Existing bank seeking to exit the line of credit, but willing to continue to finance the company’s real estate and equipment
- Amerisource brought in by the banker to refinance the line of credit
- Federal tax liens filed
Approval Period
- 5 business days; additional 3 to fund
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Result
- Amerisource worked with the company’s banker to jointly come up with enough funding availability to pay off the federal tax liens. With access to a line of credit again, the company is finally able to pursue its growth goals.
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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.