ENGS Commercial Capital Closes $30MM Working Capital Facility
By 3 minute read• Published August 10, 2020 •
ENGS Commercial Finance Co. (‘ENGS’), an industry leading commercial finance company, is pleased to announce that its Working Capital subsidiary, ENGS Commercial Capital (“ECC”), recently closed and funded a $30 million non-recourse Factoring Facility for an industry leading market technology services company.
For over forty years the company has been providing their customers with data and analytics that can be used in making essential marketing and supply chain decisions. With growth plans in mind, the company was seeking to gain liquidity by selling a portion of their accounts receivable.
According to Tania Daniel, Managing Director of ECC, based on the company’s long and successful history, along with the diversity within their investment grade customer base, ENGS was able to structure an accounts receivable financing solution, in partnership with FinTech leader PrimeRevenue, that addressed all the company’s needs. The off-balance sheet facility met the true sale requirements that were required by their senior lender, legal counsel, and CPA firm.
ABOUT ENGS COMMERCIAL CAPITAL, LLC.: ECC, a subsidiary of ENGS, a Mitsubishi UFJ Lease & Finance company, specializes in helping businesses with their cash flow needs through Working Capital solutions. ECC provides Factoring, Asset Based Lines of Credit, Supply Chain Financing, and Floor Plan Financing.
ABOUT ENGS COMMERCIAL FINANCE CO.: ENGS, a Mitsubishi UFJ Lease & Finance company, is one of the largest and most respected finance companies in in the world, providing best-in-class Lease and Loan solutions and is a leading lender to the Transportation, Construction, and Industrial Equipment segments, as well as a leading provider of Working Capital and Insurance products. With its cutting-edge technologies and industry leading digital strategy, ENGS puts the power of a virtual finance company in the hands of our vendors to enable them to control the structuring of a transaction to sell more equipment, more efficiently, in less time while promoting repeat business.