Ways to Finance Your Business at Any Credit Score - business.com - Business.com

Ways to Finance Your Business at Any Credit Score - business.com - Business.com


Ways to Finance Your Business at Any Credit Score - business.com - Business.com

Posted: 08 Oct 2020 06:28 AM PDT

[unable to retrieve full-text content]Ways to Finance Your Business at Any Credit Score - business.com  Business.com

Business financing company Porter Capital announces five new deals - Valdosta Daily Times

Posted: 07 Oct 2020 04:00 AM PDT

BIRMINGHAM, Ala., Oct. 7, 2020 /PRNewswire/ -- Porter Capital, a leading provider of invoice financing for businesses, announced it had welcomed five new clients this past month. The deals supplied lines of credit ranging from $30K - $500K to companies within the transportation and staffing industries.

SVP, National Sales Manager, John Cox Miller, said, "Happy to announce we funded two staffing deals so far this month with a few more in the pipeline. The first one came in through our web lead efforts and was an early stage nurse staffing company seeking an A/R Line to support the new contract they won. The most recent deal came in through our banking partnership. This staffing company is doing about $800,000 per month in revenues and no longer had the capacity to self-fund operations. We quickly established the A/R line in less than a week. Our client is thrilled and confident he can take on more customers with our credit line."

Each deal is highlighted below:

Transportation Trucking Company $30K Line of Credit Porter Capital was able to beat the pricing of all other offers the client received and put them in the best possible position to operate their trucking company.

Transportation Trucking Company $30K Line of Credit The client needed additional cash flow to meet expenses, and Porter Capital provided them the best possible pricing.

Transportation Trucking Company $500K Line of Credit The client needed consistent cash flow to keep up with the rapid growth they were experiencing. Porter funded the deal within 48 hours, allowing the client room to grow the company and stay on top of expenses.

Temporary Staffing Company $400K Line of Credit A professional staffing company needed additional cash flow to fund an upcoming payroll. Porter funded its outstanding accounts receivable in only two days.

Temporary Staffing Company $100K Line of Credit A rapidly growing nurse staffing company needed consistent cash flow to keep up with high demand. Porter funded within 48 hours, allowing the company to meet the upcoming payroll and take on more work.

About Porter Capital:

Porter Capital Corporation was founded in 1991 by brothers Marc and Donald Porter in Birmingham, AL. Porter offers working-capital solutions to businesses all over the country in a variety of industries. As a direct lender and factoring company, Porter Capital has provided over $5.7 billion in funding since inception. Porter Capital offers invoice factoring of credit lines up to $15MM. Since founding the company, Porter Capital has expanded to include a special transportation division. The Porter businesses continue to grow by providing working-capital solutions, emphasizing personalized, dedicated customer service without sacrificing speed and efficiency.

Media Contact: Ellie Givhan Marketing Assistant Porter Capital egivhan@portercap.net

View original content to download multimedia: http://www.prnewswire.com/news-releases/business-financing-company-porter-capital-announces-five-new-deals-301147451.html

SOURCE Porter Capital

Longtime New Albany pharmacist sues ex-business partner over defunct pharmacy - Northeast Mississippi Daily Journal

Posted: 07 Oct 2020 02:52 PM PDT

A longtime New Albany pharmacist who had plans to open a new pharmacy on West Bankhead Street has sued his ex-business partner.

The new pharmacy, GetWell, was expected to open about year ago, but it never did. The building, which was the former home of the Mi Pueblo restaurant, was being remodeled for the pharmacy.

Now, Barry Robbins, who had been a pharmacist for 40 years in New Albany, has filed a lawsuit in Union County Circuit Court against Getwell Pharmacy of Humboldt, Tenn., and his ex-business partner Rick Chambers of Germantown, Tenn.

Robbins' wife, Sherri, is also a plaintiff in the lawsuit, which demands a jury trial. Much of the lawsuit deals with ownership rights and how a $200,000 line of credit was allegedly used.

Chambers and Barry Robbins worked together for Fred's Pharmacy. Robbins worked at the New Albany location, which closed in 2018, and Chambers worked for the corporate offices in Memphis, the lawsuit states.

Chambers created GetWell Pharmacy, "as a result of the demise of Fred's Pharmacy," the lawsuit says.

According to the lawsuit, Chambers offered Robbins the opportunity to become an equity owner of GetWell. The plan was to open a GetWell Pharmacy locally with Robbins being the manager/owner of the New Albany location, the lawsuit says.

But the ownership structure was never changed to include the plaintiffs, the lawsuit says.

Robbins spent about $125,000 to remodel the building being rented by GetWell for the pharmacy. This contribution "created equity ownership" for the plaintiffs in GetWell, the lawsuit asserts.

Robbins was also required to furnish a $200,000 line of credit to GetWell to fund startup costs for the New Albany location.

"Plaintiffs spent their own money to remodel the building and pledged their own assets for the subject line of credit," the lawsuit says. "The pledge of assets, and the line of credit that came from it, benefitted defendants, with no return to plaintiffs."

The defendants have been "unjustly enriched at the expense of the plaintiffs," it adds.

The lawsuit alleges that the defendants breached an agreement by using the line of credit for expenses not related to the New Albany GetWell location.

"Defendants breached the collateral agreement by using the subject line of credit for expenses that benefitted other locations of GetWell," the lawsuit states. "Said breach caused damage to the plaintiffs."

Robbins sent a letter to the defendants "demanding an accounting of the breach funds and update on the status of ownership."

The lawsuit charges that the defendants "intentionally misled" Barry and Sherri Robbins with promises of equity ownership and assurances that the line of credit would only be used for expenses associated with the New Albany location.

Due to the breaches and "unkept promises of defendants," the New Albany GetWell Pharmacy location has not opened, the lawsuit charges.

Barry and Sherri Robbins have been "denied access to information regarding their ownership, both in terms of 'what' they will own, and 'how much' they will own," the lawsuit adds.

Robbins passed up other business opportunities because he was relying on promises made by the defendants.

"Plaintiff Barry Robbins is a well-regarded pharmacist in the New Albany area, whose employment/ownership of any pharmacy would guarantee a stream of customers, and thus income," the lawsuit says.

The lawsuit asks the court to declare Barry and Sherri Robbins as proportional owners of GetWell and to assign the ownership percentage.

Barry and Sherri Robbins are represented by New Albany attorney Matthew Harris.

Chambers and Getwell Pharmacy have asked that the lawsuit be dismissed. The defendants are represented by New Albany attorney L.N. Chandler Rogers.

Josh Mitchell is the editor of the New Albany Gazette and can be reached at 662-872-9907.

Ripple introduces Line of Credit - Finextra

Posted: 08 Oct 2020 10:58 AM PDT

Today, Ripple launched Line of Credit, a new beta service on RippleNet that allows customers using On-Demand Liquidity (ODL) to source capital on demand to initiate cross-border payments at scale using the digital asset XRP.

Limited access to working capital is one of the biggest barriers to growth for many companies. Unlike incumbents who have large balance sheets that allow them to scale their business quickly, many fintechs and small and medium-sized enterprises (SMEs) lack the capital and resources to compete. Faced with stalled growth, customers turn to creating bespoke credit arrangements – with each partner, in each destination market. Each arrangement requires additional overhead and management, making it a slow, burdensome and an ultimately inefficient process.

Ripple's Line of Credit solves this problem for our customers by providing upfront access to capital for every market through one simple credit arrangement – simplifying access to financial solutions that accelerate business performance and scale.

Those using ODL on RippleNet can purchase XRP from Ripple on credit—customers are charged one fee on the amount borrowed, with no hidden fees, and can receive approvals faster than through traditional means. RippleNet customers simply take advantage of one simple XRP-based arrangement everywhere that ODL is available, regardless of sending destination or fiat currency and costs a lot less than most other available credit options.

Line of Credit has already been piloted by RippleNet customers, who specialize in cross-border money transfers, are experiencing the benefits firsthand, helping these companies grow their business and make global transfers more affordable, for more people. It also opens up opportunities to use the capital freed from pre-funded accounts and further invest in their business to enter new markets and reach new customers.

RippleNet uses technology to deliver financial solutions vital for businesses that were once only offered by multinational banks—without the cost and overhead of legacy systems. By leveraging distributed ledger technology (DLT) and XRP, the universal asset for the exchange of value worldwide, Ripple can deliver access to services that were not previously possible.

Line of Credit is the latest step in Ripple's vision to enable the Internet of Value and break down the barriers in finance. It's an exclusive new service that financial institutions and money service providers can use to consistently provide customers with cost-effective, real-time cross-border payments.

Get in touch today to find out how to become an early adopter of RippleNet's Line of Credit service.  

Oxford Finance Provides $55 Million Credit Facility to SpendMend - Inside NoVA

Posted: 08 Oct 2020 10:26 AM PDT

ALEXANDRIA, Va. and GRAND RAPIDS, Mich., Oct. 8, 2020 /PRNewswire/ -- Oxford Finance LLC ("Oxford"), a specialty finance firm that provides senior debt to healthcare services and life sciences companies worldwide, today announced the closing of a $55 million senior credit facility and revolving line of credit to SpendMend (or "the Company"), a portfolio company of Sheridan Capital Partners.

The proceeds were used to refinance existing debt, fund the acquisition of Turnkey Pharmacy Solutions ("Turnkey") and Elevate340B ("Elevate"), and provide ongoing working capital. Oxford Finance is the sole lead arranger and administrative agent in this transaction.

Established in 1993, SpendMend is the leading outsourced provider of cost cycle management services and tech-enabled solutions to the healthcare market. A majority of the nation's top healthcare systems partner with SpendMend to improve patient care through innovative cost-savings solutions.

"SpendMend is a recognized leader in cost cycle management," said Tracy S. Maziek, head of healthcare services at Oxford Finance. "The Company provides tangible value and bottom-line impact to a complex industry operating on thin margins. The continued growth of these businesses, in spite of the global impacts of COVID, strengthened our conviction and validated the compelling value propositions of these businesses. Oxford is happy to be working with the Sheridan team once again and to now be supporting SpendMend."

"The acquisition of Turnkey and Elevate broadens our suite of offerings providing compliance, optimization and growth services for the complex and critical 340B programs at health systems," stated Dan Geehoed, CEO of SpendMend. "Oxford provided a flexible financing solution to support this acquisition and will be a valuable partner to support our continued growth."

"Oxford was able to deliver a compelling proposal on an expedited timeline and with a high degree of certainty," added Nick Rowland, principal at Sheridan Capital Partners. "We are pleased to have completed another transaction with them."

About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $6 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit https://oxfordfinance.com/

About SpendMend
SpendMend is a leading provider of tech-enabled solutions to healthcare providers nationwide that optimize the cost-cycle. Combining the use of data, proprietary technology, and rigorous analytics with its healthcare focus and expertise, SpendMend partners with customers to improve and optimize their expenses in meaningful and collaborative ways.  SpendMend's mission is to help its customers improve their patient care through innovative cost-savings solutions. To learn more, visit https://www.spendmend.com/

About Sheridan Capital Partners
Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of (i) providers and provider services, (ii) healthcare IT and outsourced services, and (iii) consumer health and medical products, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results. To learn more, visit https://www.sheridancp.com/

Media Contacts
Selma Bašić
Oxford Finance LLC
703-519-4900 Tel
media@oxfordfinance.com

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