Daily News: May 1, 2014

HVB Capital Credit Provides $5MM ABL to Joyce Leslie

HVB Capital Credit, a wholly owned subsidiary of Hudson Valley Bank, the largest commercial bank, announced that it closed on a $5 million asset-based loan to Joyce Leslie, based in Moonachie, NJ. The company intends to use this new credit facility to support working capital needs and to fund strategic growth initiatives.

“We are proud to meet the growing need in the market for alternative financing solutions,” said Stephen R. Brown, Hudson Valley’s president and chief executive officer. “As the economy continues to recover, businesses are looking to invest and grow and require a broader range of lending options. The flexibility of asset based solutions compared to other capital sources are particularly appealing to many companies.”

“Our asset based financing structures are customized to the unique needs of small and medium-sized businesses looking to achieve a range of objectives, including financing capital improvements, increasing inventory or expanding payrolls,” said Mark Fagnani, first senior vice president and group director of HVB Capital Credit.

Founded in 1945, Joyce Leslie is a specialty retailer of women’s apparel and accessories targeting the sophisticated, value oriented consumer.