Daily News: June 6, 2013

GemCap Provides $7.4MM Term Loan to Fabric Manufacturer

GemCap announced a $7.4 million term loan against machinery and equipment to one of North America’s largest manufacturers of fibers and fabric for the automobile industry.

GemCap said the company is a major supplier to General Motors and Toyota.

“One of GemCap’s strengths is speed of execution. Our team was able to underwrite and fund the transaction in just a little two weeks to meet our client’s deadline,” said George Garrod, vice president of GemCap.

“We were able to also fund against new machinery and equipment in transit to the company, which allowed the company to take advantage of better terms with its vendors,” said David Ellis, co-president of GemCap.