Quick Summary

Facility Size: $10M non-notification factoring facility, with initial funding of $6.5M

Stability: Restored supplier and vendor confidence following a lender transition

Continuity: Supported operations through a period of ownership uncertainty and business transition

Growth: Enabled the company to take on a major new retail account and new product lines

The Challenge

A family-owned seafood importer and processor with more than two decades in business had found itself needing a new banking partner during a period of significant change.

The company had relied on a well-established bank for its credit facility, split between real estate and accounts receivable lending. A stretch of losses changed that. During a period when ownership was weighing a possible sale, the company’s long-time bank grew unwilling to continue the relationship, and the company needed to find new financing while restricted in its ability to pursue new customers and rebuild its business.

The timing raised the stakes. A major national retail chain was ready to bring the company on as a supplier, a significant growth opportunity. But the company couldn’t support it without reliable working capital to purchase inventory at the volume the account required. Without a lender in place, the company risked losing both its existing operations and the new business it had worked to win.

The transaction itself was complex. The existing $20M credit facility was split evenly between real estate debt and accounts receivable financing, and any new lender would need to coordinate with the lender holding the real estate portion just to complete the deal. A facility like that takes time to underwrite properly, especially for a business coming out of a loss period. The company needed a lender who could work through the complexity fast, without treating the situation as a warning sign.

The Porter Solution

Porter Capital structured a $10M non-notification factoring facility, advancing 90% against eligible receivables and 85% of net orderly liquidation value of the inventory . Because the facility was non-notification, the company’s customers, including its new retail account, continued paying as usual with no visibility into the financing arrangement in the background. 

Porter coordinated closely with the lender holding the real estate portion of the company’s debt, working through an intercreditor agreement to unwind the prior facility and fund the new one without disrupting the business. The first advance of $6.5MM, went out at close to pay off the existing lender and provide the company with additional working capital to rebuild and strengthen its supplier relationships and prepare for its new account.

Porter also offers collections support as part of its factoring relationships, differentiating itself from other factoring companies, as many don’t provide such support. When you finance with Porter, you’re effectively adding an experienced accounting team to your own staff. However, in this deal, the non-notification structure kept collections in-house, but the client was glad to know the option was there.

The Results

With capital restored, the company stabilized its supplier relationships and refocused on running and growing the business rather than managing a banking crisis. 

The company’s use of the facility has grown steadily since funding, from an initial $6.5MM advance to $8MM outstanding today, a sign of real growth in the business the facility supports. It successfully onboarded its new national retail account, supplying inventory at the volume and pace the relationship required. 

Thanks in large part to Porter’s additional funding, the company returned to profitability this June, a meaningful milestone, a meaningful milestone after the losses that had strained its prior banking relationship.

Why They Chose Porter

The company was evaluating five other financing companies during its search for a new lender, but Porter was the one that felt different. Porter’s team traveled to the company’s headquarters and spent a full day there, learning the business firsthand rather than underwriting it from a distance. That day set the tone for the relationship: the company came away trusting not just Porter’s numbers, but its people and its culture.

That trust mattered most because of when it happened. The company was navigating a critical moment, one where it needed a partner who understood the business, not just a source of funding. Three factors stood out most in that decision: Porter’s flexibility, its responsiveness throughout the process, and above all, a partnership the company could feel, not just one it was promised.

About Porter Capital

When traditional lenders say “not yet,” Porter Capital says “now.” Porter funds receivables so growing businesses can keep moving fast. With rapid decisions, next-day advances after onboarding, and a relationship-driven team that knows your industry, Porter turns approved invoices into dependable working capital that scales with sales. 

Family-owned, practical, and committed to partnership, Porter Capital delivers what modern operators need most: speed, transparency, and the confidence to grow on their terms.