Gibraltar Announces October Transactions
In mid-2012, Gibraltar created a new sister company called Gibraltar Capital Advance (GCA). GCA provides advances ranging from $25,000 to $500,000 to retailers, restaurants as well as general businesses with an e-commerce distribution channel, for a variety of uses including expansion, equipment replacement/renewal or refurbishment of existing sites.
In October, GCA closed on a $100,000 merchant cash advance facility for a waste hauler based in North Carolina. The company is experiencing rapid growth and accepts credit card payments for a portion of its work. GCA was able to close on this facility in about four business days, providing the company with much needed working capital.
Also in October, GCA provided a $300,000 merchant cash advance facility for a specialty coffee retailer located in the NW. The company is operating in Chapter 11 and needed liquidity for operations.
In addition to the aforementioned GCA deals, Gibraltar Business Capital announced two deal closings in October.
GBC closed on a $2 million revolving line of credit to an IN-based company that provides on-site healthcare clinics to self-insured corporations and government agencies. The company is growing rapidly and had outgrown its prior factoring arrangement.
GBC also closed on a $600,000 factoring line of credit to an OH-based waste hauler that was being acquired by an experienced management team out of a bankruptcy process.
Previously on abfjournal.com: