Summit NDE
CLIENT INDUSTRY
Manufacturing
WEBSITE
TERM LOAN SOLUTION
Equipment & Working Capital
FACTOR SOLUTION
Payroll
“From the moment I contacted Breakout, I was impressed with their level of service. Their team was friendly, supportive and knowledgeable. They took the time to explain the process to me in detail and made sure I was taking advantage of the right products. I had the pleasure of working with Andrew, who was always available to answer any questions and provide support whenever needed.”
Joshua Fuller, President | Summit NDE
COMPANY
Summit NDE provides non-destructive testing and inspection services for oil refining, steel manufacturing, industrial construction, railroad, mining and heavy equipment repair businesses. The company does on-site reporting for certain testing services, provides services with 24-hour availability and facilitates rope testing services, allowing its clients to save money and increase safety while performing services on projects from heights.
CHALLENGE
As a recently established business, Summit crossed paths with Breakout at a time when the company was starting to experience growing pains. The business was faced with needing to fulfill contract requests that were becoming increasingly larger. Covering payroll and other operational expenses while meeting contract demands would not be possible without some form of access to capital.
SOLUTION
Breakout was able to provide an initial term loan to support immediate payroll needs, as well as a new equipment purchase, which would help fuel significant growth for the client. In addition, there was also a cashflow shortage as the client waited on AR, so Breakout introduced invoice factoring as a solution to advance on the client’s AR to ensure the business remained cashflow positive going forward, allowing them to take on new projects as the business scaled.
RESULT
Breakout’s term loan enabled the client to meet contractor demand which ultimately led to 10x growth in revenue in less than one year. The new equipment purchased using the term loan also allowed the client to focus on activities that would drive revenue at a faster rate. Finally, on a more long-term basis, invoice factoring has helped increase cashflow to meet operational needs month-to-month without waiting on AR.
