3.21.18 – Sallyport Commercial Finance provides a $4,000,000 working capital facility, including a $720,000 Term Loan as part of an Acquisition finance package to support the purchase of a Gas, Diesel and Propane distribution business out of bankruptcy in Southern California.
“We were very happy to support the Acquisition of this business. We worked very hard with the Purchaser, our new client, and the Trustee to get a very good result for all parties, Purchaser, Trustee for the estate, staff, secured lenders and customers to ensure repayment and business continuity. Together we have saved a brand that has been servicing the local market for 40 years and provided job security for the team that has spent a couple of years working under very trying circumstances. When the chips are down you really see who will step up and have the Integrity and Work Ethic to see the business through the tough times, the Team and Purchaser have certainly done that. Unfortunately, you also see the less pleasant side of individuals who cut and run for the hills only seeking to take advantage of the difficult situation to benefit themselves at the expense of others that they may have worked with for decades. I mention this important point because this case reminds us that beyond Opportunity, Balance Sheets and Profit and Loss statements it is the Integrity, Honesty and Hard Work of our Entrepreneurs and their diligent Teams that maximize the mutual success for all,” says Sallyport’s President, Nick Hart.
Sallyport’s ability to successfully manage a previous client under a new name will help properly finance the business, rid it all the negative narrative of the last 18 months and ultimately build a profitable business.
Sallyport Commercial Finance is an independently owned and operated specialty finance company focused on providing entrepreneurs with working capital solutions for small to medium sized businesses, to help drive growth and achieve business hopes and dreams. The senior management team have over 50 years of collective experience in helping entrepreneurs grow their businesses, both in the US and Europe, by turning their invoices and assets into cash. Sallyport Commercial Finance offers a full suite of factoring and asset-based products including Accounts Receivable Finance, Purchase Order Finance, Equipment and Inventory Finance, Cash Flow Loans, and Real Estate Loans. Very experienced in all our industries, our current portfolio includes businesses in Staffing, Energy, Food & Beverage, Apparel, Manufacturing, Service Industry, Transportation, Government Receivables and IT.
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