Daily News: July 19, 2013

GBC Closes $2.5MM in Financings

Gibraltar Business Capital (GBC) announced the funding of three transactions totaling $2.5 million. The facilities comprise:

  • a $1.25 million asset-based line of credit to an IL-based publisher and distributor of K-12 educational technology software and solutions. The GBC facility will help them take advantage of the strong demand and capture new business.
  • a $750,000 asset-based line of credit to a NY-based company that specializes in the importation and distribution of Omega-3 and other fish oils for wholesale and retail distribution to the nutritional supplement industry in the US and Canada. The company expects to grow rapidly making use of the GBC facility.
  • a $500,000 factoring DIP line of credit to a PA-based manufacturer of custom ceramic-to-metal and glass-to-metal seals. The company had filed for bankruptcy and obtained a DIP from its incumbent lender, however during the course of the bankruptcy process, the company’s lender went out of business, and GBC stepped in to provide the replacement DIP to support the company throughout the reorganization and emergence process.