Daily News: December 12, 2014

GemCap Funds $8MM in Facilities

GemCap announced it recently funded $8 million in new and increased credit facilities.

GemCap funded a $3 million loan to a start-up to acquire the assets of a manufacturer of wood veneer products. The facility is secured by accounts receivables, inventory, machinery and equipment.

“This is a great opportunity for our client to acquire assets. We’ve been thrilled to be able to work with start-ups and other non-traditional borrowers this year,” said David Ellis, co-president at GemCap.

Additionally, GemCap funded $5 million in increases to existing facilities, including $2 million to a distributor of frozen seafood, $2 million to a grower and distributor of Kona coffee, and $1.0 million to a manufacturer of casual footwear.

“GemCap is excited to support the growth of our clients which is reflective of our growing economy”, said Richard Ellis, co-president at GemCap.