NEW YORK, NY – MAY 10, 2017 – 4th Wave Business Solutions, a New York-based telecommunications construction provider, has secured a $7 million Accounts Receivable factoring facility from Coral Capital Solutions (“Coral Capital”), an innovative provider of financing solutions for North American enterprises.
The telecommunications construction provider (the “Company”) was referred to Coral Capital by its bank. The bank partner realized that the Company had a unique opportunity to grow its business significantly in a short period of time provided it was able to secure the necessary working capital. The Company selected Coral Capital based on Coral Capital’s long-term successful track record of funding businesses in the telecommunications space, its ability to support the future growth of the Company and its automated process of validating dozens of receivables quickly.
Coral Capital’s new client provides turnkey solutions to MSO (multiple system operators) for construction labor and project management for new builds, rebuilds and infrastructure upgrades.
As major telecom carriers are dedicating significant resources to cable and fiber optic upgrades in the next few years, suppliers and service providers in the industry see an opportunity to grow their own businesses by providing highly trained and closely managed teams that support the carriers’ initiatives. This growth spurt happens once in a decade and provides a lucrative opportunity for those providers that can obtain the necessary working capital to support the expansion effort.
Coral Capital was able to underwrite the telecom construction provider for the required funding, close the transaction, and payoff the Company’s existing line of credit which had been historically suitable but insufficient to support new growth, in a manner of weeks.
“Our proven telecom industry expertise and fast, flexible financing provided our client with the assurance they needed to pursue their expansion opportunities with confidence,” said Jim Bertie, Chief Operating Officer of Coral Capital. “The Company’s management team has over 25 years of experience in the cable industry and with our AR factoring facility in place, it is well positioned to execute its growth plan in 2017 and beyond.”
About Coral Capital Solutions
Coral Capital Solutions provides financing solutions to middle market companies in a wide variety of industries throughout the U.S. and Canada including technology, telecom, food & beverage, new media, manufacturing and other business service companies. It is a leading source of innovative factoring, asset based lending, purchase order and trade finance products. Coral Capital is well capitalized, and has the ability to consummate transactions quickly from commitment to funding.