Daily News: December 2, 2013

Business Capital Provides Inventory, A/R to Seafood Wholesaler

Business Capital announced it structured a $1.5 million credit facility based on inventory and accounts receivable for a company offering the wholesale of fresh and frozen fish and seafood.

Due to a disease affecting farming, production and manufacturing, the company experienced a one-time setback. Although it continued to experience growth and increase in revenue, recovery was not swift enough to fully absorb the negative impact on cash-flow. The terms provided by the company’s existing bank loan were too restrictive to simultaneously support operating losses and take advantage of growth opportunities.

Business Capital understood the client’s specific needs and capabilities as well as how they fit into the growing system of global aqua farming, and was able to provide working capital to sustain future growth. It also negotiated away all covenant deficiencies and penalties with the company’s previous bank.

A leader in aquaculture-based operations and the wholesale of fresh and frozen fish and seafood, the company farms and sells live and chilled seafood to high volume retail and food-service accounts.