Project Management Business Sets Sights on Growth with $850,000 Finance

In a deal that closed 2022 for Sallyport Commercial Finance, a US project management business has been equipped with an $850,000 accounts receivable facility. 

Referred to Sallyport by our contact in investment banking, the company has some tremendous growth opportunities. They anticipate more than doubling their employees from 27 to 60 this year. Each employee generates revenue for the business but has to be paid before they generate any revenue for the company and this poses an obvious cashflow challenge.

Sallyport was strongly endorsed by the referring bank and it was evident to the client that we would be able to quickly provide them with the level of non-dilutive capital that they needed. Aside from the additional working capital to recruit new employees, the business will also utilize some funds for their employee education program and their 5-year plan is to grow the company to $50M, putting them in a strong position for sale. 

James Bartel, Senior VP for Sallyport, pointed out the uniqueness of accounts receivable finance as a solution for high-growth companies that are reluctant to relinquish equity…

“It is a pleasure to see the benefit Sallyport can provide to companies that are, or seek to, grow their firm in a way that can’t be done with bank financing and can have a high long term cost if equity is utilized. Looking forward to seeing what happens in 2023 and glad we could meet the end of year timing goal of the client!”