Versant Funding Closes $3MM Non-Recourse Factoring Transaction for Oil & Gas Industry Supplier

Versant Funding closed a $3 million non-recourse factoring transaction for a supplier to the oil and gas industry.

The supplier recently experienced increasing demand for its products. Meeting this demand from both new and existing customers is putting increasing strain on the company’s working capital position.

“Versant’s offering was an excellent match for this growing business in need of liquidity,” Chris Lehnes, a business development officer for Versant Funding, said. “Because we do not set caps on our factoring facilities, if our newest client continues to sell to strong customers in the oil and gas space, as their accounts receivable grow, so will their access to cash.”