Daily News: April 30, 2013

GemCap Provides Revolver to Frozen Seafood Importer

GemCap announced a $2 million credit facility to an importer of frozen seafood. The revolving credit facility is based against in-transit (on the water) inventory from Mexico and Central America and domestically warehoused inventory.

“By negotiating shorter terms with foreign producers, the Company is able to take advantage of better pricing and larger volumes,” said George Garrod, VP of GemCap.

“Financing of in-transit inventory is one of the many creative solutions GemCap offers to our clients,” said Richard Ellis, co-president of GemCap. “We finance many types of agriculture and commodity products and view these industries as a growing sector of our business. In-transit financing is often a viable and more affordable alternative to purchase orders financing or letters-of-credit.”

GemCap is an asset-based lender specializing in inventory, equipment and accounts receivable loans from $500,000 to $10 million.