Daily News: June 14, 2013

GBC Closes $5.5MM in Credit Facilities


GBC announced that it closed three credit facilities totaling $5.5 million.

GBC recently closed on a $1.5 million factoring line of credit to a Pennsylvania-based manufacturer and distributor of an organic fertilizer stimulant that promotes strong plant health. The product is used to reduce the amount of supplemental nutrients needed to produce optimum color, root development and health and promotes a robust ecosystem reducing the requirement for pesticides needed to suppress weeds, insects and disease.

GBC also closed on a $1 million factoring line of credit to a NY-based staffing company focused on the IT and Telecommunications industry. This financing was to fund the spin-off of a division of a larger company.

Lastly, GBC recently closed on a $3 million revolving line of credit to finance the emergence from bankruptcy/re-start of the U.S. division of a Canadian distributor of car parts including brake rotors, drums and shoes.