Daily News: July 31, 2014

GemCap Extends $9.8MM Term Loan to Automobile Assembly Plant

GemCap also announced it entered into an agreement for a $4 million revolver against inventory to a frozen food distributor in California.

The facility allowed for refinancing and provided the company working capital for growth and expansion.

“We finance many types of food and beverage products and we view these industries as a growing sector of our business”, said David Ellis, co-president of GemCap.

“We are pleased to have a strong first half of the year,” said Richard Ellis, co-President of GemCap. “These loans show our commitment to meet the financing needs of small to middle market companies seeking asset based loans”.