$1M Finance gives Canadian Importer Big Boost

Sallyport is delighted to confirm a combined $1,000,000 in finance for a Canadian importer of industrial pipes and flanges. 

Sallyport were front of mind for the prospect who were referred to us by an existing client with whom we hold a long-standing relationship. As many businesses are experiencing, long lead times from manufacturers coupled with large, up-front payments, can result in a strain on cash flow. The prospect has to pay their suppliers in China while the goods make their way slowly across the water, tying up valuable working capital in the process and impeding growth. Sallyport now pays their suppliers directly and they need only finance the invoice once the goods arrive with the debtor in North America. 

$750,000 in accounts receivable funding and $250,000 purchase order finance will be utilized for ongoing working capital requirements, leaving the client free to increase their debtors and grow business in the region. 

MD for Canada and North American Sales Manager, Calum Williamson, highlighted that the strength of Sallyport’s relationship with the existing client was key to securing this business…

“Having funded a division of the business for 2 years, we developed a strong relationship with the then logistics partner, who held the relationship with the Chinese manufacturers. When the model changed, we took on board the client to ensure cash flow and working capital remained strong within the company.”