Porter Capital Funds $20MM Facility for Machine Tool Manufacturing Company

Porter Capital, a nationwide provider of accounts receivable financing and asset-based lending solutions, funded a $20 million facility for a publicly-traded company that specializes in manufacturing machine tools and machines. The company sought a $20 million line to be drawn down to enhance the balance sheet before year-end.

To meet the company’s auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. Porter Capital was introduced about two weeks later than a competitor already reviewing the information.

"With only 2.5 weeks to go before year-end, an NDA was executed, and we were off to the races. We quickly organized a scaled-down field exam and circulated closing documents within a week," John Cox Miller, SVP and national sales manager for Porter Capital, said.

"We are thrilled to be a strategic partner with this company. They are a global leader known for working with the largest brands in manufacturing and aerospace. We see extraordinary potential for their success and our goal is to help them expand with on-demand cash flow," Blake Van Leer, director of marketing and growth for Porter Capital, said.

Porter funded the facility in three weeks and the company was paid out with a $10 million initial funding before the start of the new year.