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Sallyport Commercial Finance Provides $16MM Financing for Recycled Plastics Manufacturer

November 28, 2023, 07:05 AM
Filed Under: Plastics
Related: Howard Newman, Loeb

$7,000,000 in accounts receivable and $9,000,000 in machinery and equipment finance make up a bespoke package for a recycled plastics manufacturer.

Referred from a bank directly to Sallyport’s Alexandra Scoggin, her strong relationship with them brought the deal to fruition. A trusted Sallyport partner and industry peer finances the machinery and equipment element as the client focuses on opening their third manufacturing plant.

The funding will provide cash flow as the business grows and expands and support them in utilizing more and more recycled materials in the future, meaning they can venture into other products outside their current core product range.

Alexandra Scoggin, Senior VP, is delighted to play a small part in supporting green innovation…“I’m very excited to have funded our first workout arrangement for this banking partner! Our new client is making a product to make the world a better place. I am thrilled to be a part of making a difference, both in their business and to the environment we all share.”

“It’s exciting to be able to financially support a company that’s invested in bettering our environment,” said Loeb’s President, Howard Newman. “To have worked alongside another alternative lender, Sallyport, and provide the financial flexibility and quick closing that a traditional bank cannot is a big win for our client.”

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