Gibraltar Business Capital closed a new $8.8 million asset-based line of credit for Greensboro, NC-based Elastic Fabrics of America.

Gibraltar Business Capital was able to help Elastic Fabrics of America, which is owned by a private-equity firm, tap into its complex capital structure to unplug liquidity tied to fixed assets as well as to extend full eligibility on receivables. Gibraltar also was able to extend credit on valuable work-in-progress inventory – and with both actions, ultimately unlocked essential liquidity.

Elastic Fabrics of America is a manufacturer of warp-knitted and circular-elastomeric fabrics that are used to make lingerie, athletic apparel and certain fabrics needed for medical-related purposes.

With headquarters in Chicago, Gibraltar Business Capital is a privately held middle-market lender providing small- to medium-sized business owners fresh and accessible capital alternatives to a commercial bank loan.