Diamond Business Credit Provides Facility to Seafood Wholesaler
Diamond Business Credit announced that it recently funded a $500,000 credit facility to a seafood wholesaler that specializes in supplying high-quality fresh, frozen and smoked fish products to top tier restaurants and restaurant suppliers.
The company faced numerous challenges including historical operating losses, an in-process change of ownership and a fatigued bank lender. Two things were immediately needed to save the day: (1) an experienced crisis and turnaround business consultant; and (2) a no-nonsense fast and flexible lender.
A well-known expert consultant was engaged by the company to construct and implement a turnaround plan including the funding source. Diamond Business Credit was then chosen among several lenders based on its history of moving quickly to approve and fund transactions under difficult circumstances. A line of credit and term loan was quickly approved and funded to pay the existing bank lender off and to provide the additional working capital necessary to fund the company