Facility Amount: $1,500,000
Date Funded: 5/26/10
The Company: This New York staffing company is a 40 year old, primarily family-owned, marketing solutions company that executes on-site retail initiatives on behalf of retailers, consumer packaged goods manufacturers and financial service companies nationwide. They focus on in-store merchandising, auditing, product sampling and demonstrations, mystery shopping, consumer and “green” education, associate sales training, consumer acquisition, and signage placement.
The Issue: Over the past four years, the founder’s health has deteriorated as well as the financial performance of the business. Last year, a management team was brought in to help reorganize the business and focus on new product lines. The company had been factoring their accounts receivable with another factor, but they were at the end of their contract.
The Solution: Now entertaining other factoring companies, a member of the management team referred the company to Joel Flig at Allied. The pricing on their current factoring deal was significantly higher than what Allied was willing to offer and included additional minimum fee charges, something Allied does not impose.
The Win: Since the company was at the end of their factoring term and was now looking to increase their revenues in addition to identifying cost reductions, this working capital facility provided by Allied helps the company achieve both objectives.
February 5, 2010
Joel Flig joined Allied in January 2010 as Managing Director, New Business for the Northeast Region of the United States. Joel is a Senior Finance Executive and seasoned Marketing Professional, highly experienced in new business development and in the evaluation of factoring opportunities.
For the previous three years, Joel worked as the EVP and National Sales Manager for Greystone Business Credit, a nationwide commercial finance company. There, he was responsible for all new business proposals sent out to clients, and he managed and developed a nationwide salesforce of 7 people. He was personally responsible for half of all new business developed during his time there.
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