Originally appeared in PYMNTS.com

Procurement and billing solutions firm Corcentric has raised $315 million in capital.

The funds, announced Tuesday (June 13), are in the form of a $250 million senior secured asset-based loan revolver from Bank of America and JPMorgan Chase, as well as a $65 million term loan via TCW Private Credit Group.

“Our ability to obtain this facility in today’s intensely difficult credit environment is a testament to the strength of our business model,” Matt Clark, president and chief operating officer at Corcentric, said in a news release.

“This new capital will allow us to continue to grow our book of business and achieve our goal to give every customer the individualized attention they deserve through best-in-class financial software and expert guidance.”

The company said it will use the funding for “general business growth” and to support its managed accounts receivable solutions.

Clark’s comments about the credit environment comes as both consumers and businesses are feeling a credit crunch.

For example, research by PYMNTS and Sezzle found that a significant share of consumers are “credit marginalized,” which means that they’ve been rejected at least once when applying for credit products over the past year.

Meanwhile, a recent Federal Reserve Board survey of senior loan officers showed that nearly half of banks had tightened loan standards for small businesses in the past three months, with more than half anticipating even more tightening as the year progresses.

PYMNTS’ latest quarterly study of Main Street small and medium-sized business (SMB) health found many companies facing a cash crunch, with just a quarter of firms reporting that they could get their hands on cash to cover them for more than 60 days.

PYMNTS also spoke recently with Corcentric Chief Revenue Officer Fredrick “Fritz” Smith about the ways businesses shift their technology investments to address the changing needs of the financial operations.

“The COVID-19 period woke the marketplace up to the fact that those [enterprises] with a digital strategy would have a competitive advantage,” he said.

That report also cites PYMNTS research that shows 94% of companies investing in digital technologies in at least one area of payments and finance, with a slightly smaller percentage —87% — planning to do so in the future.