Express Business Funding
EBF Supports Special Loans Client
In June of 2019, EBF was introduced to a client who was in Special Loans at their chartered bank. The Alberta based trucking company was heavily concentrated in the oil and gas sector and had suffered a couple of years of losses. Even though it was in the midst of restructuring and diversifying its client base, the bank was uncomfortable continuing to finance the company. They turned to EBF to see if we could support the business while it continued to restructure.
Within a few weeks, EBF was able to provide a $1.2MM confidential factoring facility which paid out the bank’s operating line and provided the company with an additional $400K in working capital in order to continue operations and take on more clients. Confidential factoring was critical for this client as they did not want to raise any red flags with their customers that they may be in financial trouble.
With support from EBF, the company was able to keep operating, avoid layoffs, reduce costs, take on more business, and grow. The company has emerged from its challenging times even stronger. Now nine months later, the client has completed its reorganization and has secured new financing at a traditional bank. Although we are sad to see them go, EBF is proud to have played a part in helping support a great Canadian company manage through challenging times.