Date Funded:  10/5/10

Facility Amount:  $2,500,000

The Company:  This New York company was founded in 1997 and is a union based sign installation and servicing business focusing on the New York, New Jersey and Connecticut areas.

The Issue:  During 2009, the company lost money after acquiring a new office building location and purchasing equipment to expand their existing operation to include sign manufacturing.  This year, sign manufacturing represents approximately 10% of the company’s overall business.  Due to the prior year’s losses, their bank was transitioning them to the Special Assets division. 

The Solution:  A banker in the Special Assets division referred the owner of the company to Tanya Fontenot at Allied to provide a working capital facility.

The Win:  This service/manufacturing company now has the working capital they need to accept new contracts this fall.  In addition, Allied paid off the company’s revolving line of credit with the referring bank, and the bank will maintain the depository relationships along with the company’s real estate and equipment loans.