New Client Highlights – $1.5M Auto Manufacturer and $300,000 Metal Fabricator
Release date: November 29, 2010
November 29, 2010 – Houston, Texas – Amerisource is pleased to announce it closed and funded 14 new client relationships in September and October 2010. This brings Amerisource’s total 2010 new commitments to just over $51 million.
Referral Source: Company’s Consultant
- Company manufactures prototype parts for the automotive industry
- Family business founded in 1980
- Company managed to survive the auto industry collapse over the past two years, and is now seeing a rebound in sales
- Existing lender not able to increase company’s credit line beyond $500,000 in this market
- Delinquent payroll taxes as a result of recent pressure on cash flow
Approval Period: 7 business days, additional 5 to fund
Result: Amerisource was able to approve a large increase in the company’s credit line, allowing the existing lender to be paid off while providing significant additional working capital to the company. A reserve fund was established to address the company’s past due taxes in short order. Amerisource also brought in an inventory lender to support the company’s additional cash flow needs through the approaching growth cycle. With the supplementary working capital and Amerisource’s true “floating” line, the wheels are turning again for this manufacturer!
Jaylene Cyr (713) 863 8300 Ext. 239