Over the past twelve months, Sterling National Bank has successfully closed on a variety of unique transactions. Here's an overview of a recent $10MM deal with a New York based energy service company (ESCO).
The company was founded in 1938 as a reseller of electric & gas and expanded into the ESCO business in 2001. The company grew rapidly with annual revenue of $55MM. With rapid growth often comes greater scrutiny and challenges which this company faced and was able to overcome.
As one part of its strategy to more efficiently manage its business and cash flow, it approached Sterling to finance the receivables due from utility companies. Sterling was able to structure a hybrid Factoring/ABL facility of $10MM advancing 95% against accounts receivable and 80% against the unbilled portion of their energy sales. This allowed the company to enter three new markets to help fuel growth to $66MM in revenue.
Reach out to Sterling's Factoring and Trade Finance Group to see how we can help fuel growth for your company.