Oil and Gas Business Moves Forward with $350,000 Finance

An oil and gas services business has finally got the funding they need to step forward with their plans after the bank was unwilling to extend their facility. 

A $350,000 accounts receivable facility will allow the company to reduce their accounts payable obligations and focus on growing sales in some of their target regions. 

The business is closely related to two of Sallyport’s existing clients and our relationship with these accounts along with a tenacious attitude to getting things done, helped bring a somewhat convoluted process to close. 

James Bartel, Senior Vice President for Sallyport noted certain nuances which could have added to the complexity of bringing the funding to fruition…

“It was great to be able to provide a facility for the client after months of efforts to finalize a solution. The facility required subordination of an existing SBA EIDL loan which was a precise process requiring compilation of various key business documentation and a collaborative approach to working with various SBA professionals. The team’s organized and dedicated manner essentially facilitated a funding solution.”

The client was relieved to finally be able to move on with their business goals and grateful for Sallyport’s efficiency in moving it along…

“Sallyport’s hands-on attitude to navigating the SBA’s processes was much-needed. I appreciated Sallyport’s experience and help in ultimately getting things done.”