Capital Now Provides $500K Credit Facility to Electrical Installation Company

Capital Now delivered a $500,000 credit facility to an electrical installation company in Edmonton, AB.

This company has been in business for eight years and has six contractors, two part-time office workers and five commercial vehicles. The company specializes in electrical installation for condominiums and single-family homes and has annual sales of $2 million.

Having successfully built up its business to be a preferred contractor for condo developers and home builders, the company had the opportunity expand its business, but to do so, it needed to hire more contractors and lease or purchase more vehicles. In addition, expansion would mean more upfront material costs and at least four payrolls before the company could even issue the first invoices.

Using the accounts receivable from a recently completed project, the company used the funding provided by Capital Now to make payroll for the newest contractors, purchase materials for an upcoming project and make a down payment on two new vehicles.