Porter Capital Closes $10 Million Facility for Family-Owned Seafood Processor

Non-notification factoring facility replaced a departing bank lender, steadied supplier relationships, and supported a new national retail account.

BIRMINGHAM, Ala., Aug. 27, 2026 /PRNewswire/ -- Porter Capital Corporation, a leading provider of working capital solutions, announced the closing of a $10 million non-notification factoring facility for a family-owned seafood importer and processor with more than two decades in business. The facility advances 90 percent against eligible receivables and 85 percent of the net orderly liquidation value of inventory. An initial advance of $6.5 million funded at close, replacing the company's prior bank facility and providing additional working capital.

The company had financed operations through a $20 million bank facility split evenly between real estate debt and accounts receivable lending. After a stretch of losses, and during a period when ownership was weighing a possible sale, its long-time bank became unwilling to continue the relationship. The timing raised the stakes. A major national retail chain was ready to bring the company on as a supplier, an opportunity the company could not support without dependable working capital to purchase inventory at the volume the account required.

Porter Capital underwrote the company's receivables and inventory rather than its recent results, then coordinated with the lender holding the real estate portion of the debt. Working through an intercreditor agreement, Porter unwound the prior facility and funded the new one without interrupting operations. Because the facility is non-notification, the company's customers, including the new retail account, continued paying as usual with no visibility into the financing arrangement behind it.

With capital restored, the company steadied its supplier and vendor relationships and returned its attention to running the business. It onboarded the national retail account and supplied inventory at the volume and pace the relationship required, added new product lines, and grew its use of the facility from the initial $6.5 million advance to $8 million outstanding today. In June 2026, the company returned to profitability, a meaningful milestone after the losses that had strained its prior banking relationship.

The company evaluated five other financing companies before selecting Porter. 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 approach reflects how Porter works across its portfolio. Porter offers invoice factoring and receivables financing that deliver quick decisions, next-day advances after onboarding, and direct access to decision-makers who understand how timing and trust shape growing businesses.

Contact:
John Cox Miller
[email protected]

SOURCE Porter Capital