GE Capital Increases Red River’s Credit Facility to $80MM
Red River, a provider of IT hardware integration, maintenance and support services to the U.S. government, announced an increase in its working capital credit facility by GE Capital’s Commercial Distribution Finance (CDF) business. The company’s credit limit has increased to $80 million from $500,000 five years ago, allowing Red River to meet increased customer demand as it continues to aggressively expand its business.
“Red River has seen remarkable growth, aided by government contracts and purchasing vehicles that can account for millions of dollars in technology procurement, hardware integration and services revenue for Red River and its technology partners,” said Rick Bolduc, Red River’s CEO. “CDF is embedded in the IT channel and they understand the working capital requirements of our business. Our rapid expansion means we need a lending source that can keep up with us and understands the intricacies of our business and capital requirements.”
“We’re pleased to be able to deliver the credit capacity that solutions providers like Red River need to thrive,” said Mike Marcolina, managing director of CDF’s technology finance unit. “We continue to collaborate with technology vendors to provide flexible product and working capital financing solutions to the channel.”