Client: An architectural millwork contractor in Virginia
Situation: This company was awarded a large project in March and wanted to ensure they had the proper financing in place to execute the scope of work before accepting. CapitalPlus approved them in April, but due to COVID-19 their portion of the project was put on hold.
Solution: $350,000 Construction Factoring Facility
Result: With the flexibility of our factoring product, they were able to continue work on other projects knowing our financing would be there for them once the large project received the green light. In November, work started up and we assisted with their first round of invoicing so they could meet payroll and purchase needed materials.