Avidbank Provides $3 Million Asset-Based Line to USA Technologies
Avidbank Corporate Finance, a division of Avidbank, has provided USA Technologies, Inc. (USAT) with a $3 million asset-based line of credit. The credit line is part of USA Technologies’ strategy to assist in the accelerated transition of cashless payment systems and services in the unattended small-ticket, retail market through its JumpStart program.
USA Technologies, based in Malvern, PA, is a provider in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries.
“The Avidbank line of credit is another important milestone in USAT’s growth story,” stated Stephen P. Herbert, USA Technologies chairman and CEO. “This financing option not only provides flexibility to fund important growth initiatives like our JumpStart program, but it is an important marker in terms of our progress. It points to our ability to access capital in a way USAT has not been able to do in the past and, looking forward, it is part of our plan to continue to grow the company while maintaining a healthy balance sheet. We are extremely pleased that Avidbank has chosen to provide this financial facility commitment and we look forward to a strong relationship as USAT becomes a much larger company.”
“I am pleased we were able to put this facility in place for USA Technologies,” stated Avidbank Corporate Finance EVP, Mike Hansen. “They are a good example of companies we like to work with as they are a leader in an expanding market place and continue to demonstrate impressive growth. We look forward to a long relationship with them.”
Avidbank specializes in commercial and industrial, corporate finance, technology and asset-based lending, real estate construction, commercial real estate lending and real estate bridge financing.