Western Canada Office:

Start-up contractors and suppliers for Alberta's rapidly growing oil industry are finding that credit can be tough to come by. In early 2008, a financial consulting firm approached Riviera Finance about a client in need of a flexible funding facility; one that could grow in tandem with its increasing workload. With the local banks tightening their credit criteria and investors in a state of withdrawal, Riviera was the obvious choice for a convenient, hassle-free source of immediate working capital. Despite the slow payment turnaround -- common in the oil industry -- this is one contractor that doesn't have to worry about whether cash will be on hand to cover expenses for the next big job.

A manufacturer and supplier of patented aerospace technology approached Riviera in January of 2003 in need of cash to weather a bumpy transition period. Investors, banks, and even capital brokers had all shied away from the transaction. Within two weeks, Riviera had approved, negotiated and closed a $350,000 funding facility to help them survive as they consolidated operations and refocused their product offering. Nearly two years later, the company has stabilized, achieved interim profitability and yet still takes full advantage of their funding facility with Riviera, using it to manage customer credit, increase A/R turn rates and pay down debt. Perhaps most importantly, the company avoided having to sacrifice any equity in the process. With sales on the rise, the company looks forward to a profitable fiscal year in 2005.