Gibraltar Business Capital closed a new $6.75 million asset-based line of credit for St. Paul, MN-based Maple Island, a manufacturer, processor and packager of quality food-powder products.

Through a highly competitive process, Gibraltar Business Capital was able to help Maple Island creatively refinance its existing credit facilities which had been used to finance a multi-million dollar expansion to its canning plant in Wanamingo, MN.

The asset-based line of credit is based on receivables, inventory and certain fixed assets. Gibraltar Business Capital closed the transaction within 30 days.

Chicago-based Gibraltar Business Capital is a privately held middle-market lender.