Success Stories

Gain time to sell the business.  An Indiana manufacturer of custom molded products, whose underlying operations were moderately profitable, incurred operating losses for two consecutive years due to the high cost of defending a patent infringement lawsuit and other non-recurring items.  Its bank lender called the borrower’s credit line which Puritan replaced with a $400,000 revolving line and a $250,000 installment loan.  Puritan’s credit facility provided the funds necessary to relieve pressure from accounts payable and allowed time for the borrower to find a buyer for the company and thereby preserve the principal’s ownership equity.

Start-up financing. A young manufacturer of frozen foods in Illinois came to Puritan for working capital and term debt financing. After relying on our credit facilities for 24 months, they were capable of obtaining conventional bank financing. Many years later, the owner of the business still calls to check in with us to let us know he appreciates Puritan for being there when his business needed us and to remind himself of where he came from.

Finance a factor workout.  A supplier of small parts located in Illinois was factoring its accounts receivable.  An economic downturn caused the Borrower’s sales to drop and its account receivable collection period to increase.  The narrow margins in the industry and the increasing factoring cost resulted in losses.  Puritan replaced the factor by providing a $700,000 revolving line and an installment loan secured by machinery and equipment.  As the market returned, the company returned to profitability and was able to refinance Puritan’s facility with a loan from a bank.