Austin Financial Services, Inc. (AFS) recently funded a $2.5MM ABL credit facility comprised of an AR revolver. The Company who operates in the semiconductor industry as a staffing firm is based in Silicon Valley and provides design engineering services worldwide to Fortune 500 companies. The Company was looking to replace its existing factoring line with a more flexible and competitive ABL line of credit that was customized with their current and long term business needs in mind. The client needed to fund quickly and AFS was able to help them meet this goal by funding and paying off the existing lender obligations in under three weeks. Additional funds generated under the AFS LOC were used to meet the company’s immediate cash needs for near term growth in addition to general working capital needs and new business opportunities.
About Austin Financial Services (AFS)
Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the middle-market sector for over 40 years. Specializing in alternative funding options, AFS provides support to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS’s comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.