Austin Financial Services recently funded a $2.4 million revolving ABL credit facility comprised of an AR and inventory revolver, with an equipment term loan, to a commercial laundry services company based in the Northeastern U.S.

In addition to providing commercial laundry and dry cleaning services, the company provides linen rental and management services through its subsidiary entities.

The company was looking to exit its current banking relationship and needed a partner that understood its business and could provide a holistic lending solution to support its short and long term objectives. The funds from AFS’s line of credit were used to pay off the existing bank line, upgrade and replace equipment, and for ongoing working capital.

Jason Anish, AFS’s president and CEO, said, “The client was working under a tight deadline and despite the complexities of this deal, our team was able to close the transaction and transfer the needed funds ahead of schedule. As a result of our quick response time, the customer was able to pay off its former lender as planned and refocus the company’s resources on the business and its growth objectives.”

Headquartered in Los Angeles and with a nationwide lending focus, Austin Financial Services is a privately held middle-market lender that has been providing alternative funding in the form of fast and flexible lines of credit to small and medium-sized businesses for more than 35 years.