A global communications and news organization.
Financing a $12 million technology initiative to accommodate the shift from analog to digital technology for local affiliates of the Customer with a staggered delivery schedule spanning six months all during the global financial crisis.
Somerset prides itself on never having backed out on a commitment it has made on a transaction throughout its 30 plus year history. This facet of our makeup has endured through many economic cycles including periods where credit markets have limited the access to outside funding. Our commitment to our clients was never more apparent than during the great recession of 2008-2009. To address the needs of our client on this transaction Somerset used a mix of our internal resources and those of closest banking partner, who had ceased funding business for many of their business partners, to complete the financing of this critical project for our customer.
The vendors providing the equipment and services were paid on time without delay and our client was able to complete their conversion prior to their target completion date.
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