Daily News: February 5, 2014

GemCap Provides $10.60MM in New Facilities

GemCap announced it provided the following facilities in 2013:

  • $1.5 million term loan against machinery and equipment to a manufacturer of parts for the automobile industry. The facility provided bankruptcy exit financing.
  • $300,000 increase to $1.5 million for a revolver to a high-end jeweler.
  • $3.96 million facility comprised of a term loan against equipment and a revolver against accounts receivables and inventory to a manufacturer of hydraulic cylinders.
  • $2.5 million increase to $4 million for a revolving facility based on inventory to a manufacturer and retailer of specialized outdoor apparel.
  • a $300,000 increase in total facility to $7.188 million for a jet engine maintenance, repair and overhaul (MRO) company.
  • a $1.6 million increase to $3.99 million for a grower and distributor of Kona coffee.
  • $500 thousand increase to $2.5 million for a designer and manufacturer of casual and functional footwear for men, women and children. The facility increase will help the company expand its current product line and distribution channel.
  • “We are excited to help our new and existing clients grow and succeed,” said David Ellis, co-president.