Seacoast Business funding provides $14,500,000 in new working capital lines
Boynton Beach, Florida – March 4, 2022 – Seacoast Business Funding, obtained $14,500,000 in debtor facilities. The transactions added three new companies to Seacoast’s portfolio.
- A $10,000,000 asset-based facility with reporting and inventory was provided to a sports drug and therapeutics manufacturer located in the Southeast. The company will use the proceeds to extend its product line to the existing retail supply chain as well as expand into medical supplies.
- A factoring facility of $2,500,000 for an electricity distributor located in the Southeast. Increased demand along with shipping delays have resulted in the need for an increased working capital line.
- A $2,000,000 LOC invoice for a software and hardware manufacturer. The Company was looking to establish a reliable working capital partner to support demand and expansion of a line of business.
Seacoast Business Funding President Jay Atkins said: “We understand the financial needs affecting the manufacturing and distribution industries in the current environment, and our ability to act quickly ensures our customers have the structure to continue without interruption. We have responded to our customers’ needs by providing them with flexible and sustainable solutions, placing them in a position to maintain momentum and mitigate operational instability.
About Seacoast Business Finance
Seacoast Business Funding provides customized and timely working capital financing solutions to small and medium enterprises primarily engaged in business services, distribution, manufacturing and staffing with annual sales ranging from $1 million to $200 millions of dollars. Credit facilities take the form of factoring, purchase on account or asset agreements. Seacoast Business Funding is a division of Seacoast National Bank. FDIC member. For more information, visit SeacoastBusinessFunding.com.
Media Contact:
Brooke Reuben
Financing of coastal enterprises
561.623.1871
[email protected]
Last modification : March 7, 2022
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