Daily News: April 23, 2013

GemCap Closes $22.85MM in Q1/13

GemCap announced that it closed $22.85 million in credit facilities for first quarter of 2013, including:

  • a $9.85 million facility to an automotive factory;
  • a $7.5 million revolving facility against accounts receivables and inventory to a supplier to the bar and restaurant industry;
  • a $5 million increase in facility to a broker and marketer of crop insurance allows working capital for the company’s growth; and
  • a $500,000 revolving facility based on inventory and accounts receivables to a stand-up paddle board company.

    “Unlike traditional lenders, we have decades of experience owning and operating companies in industries across the manufacturing, distribution, and retail spectrum and we understand the working capital needs of small to mid-sized companies,” said David Ellis, co-president of GemCap.

    “We are pleased to have had another strong quarter and are proud to support companies by proving financing whether for growth or for a restructuring phase, through inventory, equipment or accounts receivable financing,” said Richard Ellis, co-president of GemCap.

    GemCap is an asset-based lender specializing in inventory, equipment and accounts receivable loans.