Industry: Oilfield Service Company
Challenge: This company was established because of the increased demand for welding and fabrication to service the fracking fleets in West Texas for the oil & gas industry. They had been self-funding and operating successfully for over a year. However, their largest customer came to them and offered to triple the amount of work they were currently giving them but they would have to wait 60 days for payment. In order to purchase the materials and cover payroll, they couldn’t wait 60 days for payment.
Funded: In their discussions, the customer recommend they talk with Catalyst due to the positive experience other vendors had working with Catalyst. After setting up a factoring facility with Catalyst, they are now able to fulfill not only the additional volume with this customer but have been able to secure new business with other customers as well.