Facility Amount:  $650,000

Date Funded:  8/2/10

The Company:  A Missouri based company that provides staffing and recruiting services primarily for the Information Technology and Accounting sectors.

The Issue:  This company came to Allied Affiliated Funding seeking our factoring services due to a change in the ownership structure of the company that needed to occur.  Prior to Allied’s funding, 51% of the company was owned by a CPA firm and 49% owned by an individual.  The CPA firm had guaranteed a Line of Credit (LOC) with a bank for the company. Since the CPA firm would no longer be a part of the company, the LOC needed to be paid off so that the CPA firm could be released from the guaranty and any affiliations with the line.

The Solution:  A broker referred the remaining owner of this company and his new partner to Eli Gross at Allied Affiliated Funding as an alternative source of funding.

The Win:  By partnering with Allied, this company was quickly able to make the necessary ownership structure changes, pay off the existing LOC, and maintain the working capital they need to successfully run the business.