Daily News: October 9, 2013

Capital Business Credit Provides ABL to Benada Aluminum

Capital Business Credit announced it provided Benada Aluminum Products with a $5 million asset-based loan facility.

The CBC asset-based lending team understood the company’s history and recognized value in its position in the market. As a result, CBC was able to underwrite a $5 million revolving facility providing advances against Benada’s accounts receivables, inventory and fixed assets.

“At Capital Business Credit, we have the deep asset-based lending experience it takes to understand that there are a number of factors beyond just financials that make a company a good candidate for a loan. These factors include a company’s management team, business structure and market opportunity,” said Marc Adelson, president and CEO of CBC. “With a history of providing facilities to companies in the manufacturing and metals sector, we immediately understood Benada’s story and developed a product that provided them with better terms and ultimately more working capital than their traditional bank partner was willing to provide.”

“It is critical that Benada have access to working capital to operate its business and serve its customers,” said Paul D. Melnuk, chairman and CEO of Benada. “Capital Business Credit’s seasoned executives were able to quickly recognize our needs and develop a facility that would enable us to meet the growing demand we are receiving for our products.”

Benada manufactures aluminum products for the commercial and housing sectors. The company recently emerged from bankruptcy and was looking for a more flexible financing option than its bank was willing to provide.