Porter Capital Secures $3.5 Million Financing to Boost Contractor Operations

In a significant move to support an industrial staffing contractor in Oklahoma, Porter Capital has delivered a hefty $3.5 million financing solution. This funding was essential for the contractor, who has been a steadfast provider to power plants, paper mills, and various industrial clients for over 24 years. The demand for their services surged recently, prompting the need for immediate working capital to maintain payroll and facilitate ongoing and upcoming projects.

One of the more intricate aspects of this financing was the transition of ownership within the company. The incoming owners required liquid assets to not only retain operational stability but also to leverage the current upward momentum during this critical phase. A key connection emerged through the founder of a platform committed to pipeline project management, who had previously worked with Porter Capital. Recognizing Porter's swift capacity and ability to navigate complex financial situations, he recommended them as a viable financing partner.

The newly secured $3.5 million contractor financing not only provides crucial liquidity but also supports the owner's strategic goals. A representative from the new ownership group expressed their satisfaction with the choice to partner with Porter Capital, stating, "We explored several options for contractor financing, but after careful consideration, we chose Porter Capital. From start to finish, every aspect of working with their team exceeded our expectations. Since receiving contractor financing, our revenue has grown significantly from $2 to 3 million annually to over $6 million in just six months. Partnering with Porter has truly been a game-changer for our business."

Despite facing challenges associated with the deal complexity, Porter Capital efficiently coordinated between both ownership groups involved, streamlining the creation of a receivables-based financing structure. Andy Dillard, Senior Vice President and Business Development Officer at Porter Capital, noted, "All participants in the deal negotiations were forthright and ready to get the deal done. This allowed us to deliver critical contractor financing quickly and keep the company's forward momentum."

This financing venture underscores the importance of flexibility, creativity, and swift action in facilitating business growth and navigating ownership transitions. With the right financial partner like Porter Capital, even intricate deals can progress confidently and efficiently.

About Porter Capital

Founded in 1991 by the Porter brothers in Birmingham, Alabama, Porter Capital specializes in providing working capital solutions to various businesses across the U.S. The company is not only a direct lender but also functions as a factoring entity. Since its founding, Porter Capital has funded billions of dollars and offers services like Invoice Factoring and Asset-Based Credit Lines of up to $25 million. Moreover, it has branched out to include a specialized transportation division known as Porter Freight Funding, ensuring personalized support and rapid financial solutions for its clients.

For more details about Porter Capital Corporation and its extensive range of services, interested parties can reach them at 1-888-865-7678, through email at info@portercap.com, or visit their website at www.portercap.com.