A specialty financing company launched five years ago by Edward Bersoff, a well-known Greater Washington federal IT executive, has changed its name and raised $100 million.
PFF LLC is now known as Parabilis and has more cash on hand to loan to small and mid-size companies — many of them government contractors — that opted not to raise capital from traditional senior financial sources or have had difficulty doing so.
A Parabilis infusion is designed to help companies facing a near-term or intermediate funding requirement. That might stem from, for example, winning a large contract and bankrolling a startup payroll cycle. The Tysons company is led by CEO Bruce Lyman.
Bersoff launched PFF five years ago as a payroll financing facility for small and growing companies. The company provided loans of $25,000 to $2 million to fill a financing middle ground between factors and banks.
Factors are financial intermediaries that lend against accounts receivables, typically at annualized rates…Read the full story from the Washington Business Journal.