The first new deal included a $250,000 working capital facility for a Louisiana based company providing field personnel for the oilfield service industry. This client learned about CFR from their local banker. The company was a start-up, had too much debt and the majority owner was not willing to inject anymore equity into the company. Given all these challenges, their current bank was not in a position to provide the funding needed for them to take on new projects. With CFR’s funding, the company will be able to maintain current relationships with vendors and suppliers and comfortably take on new opportunities.
The second deal included a $200,000 working capital facility for a south Louisiana concrete sub-contractor. This client needed a higher credit limit, which their current funding source could not provide given they were a contractor. With CFR’s support, the company will be able to receive a higher credit limit, which allowed them take on new projects and, as a result, maintain good working relationships with their vendors and suppliers.