Keltic Financial Provides Revolver to General Employment
General Employment Enterprises announced that it secured a revolving credit facility from Keltic Financial Partners II in the amount of $6 million.
General Employment Enterprises will use the proceeds from the note to extinguish the outstanding debt with Wells Fargo, as well as for working capital and investments in the development of the sales and marketing department.
Michael Schroering, CEO of General Employment Enterprises, commented, “We are excited about 2014 and the opportunities for growth ahead of us. With this financing in place, it will allow us to continue focusing on the expansion of our company.”
Andrew J. Norstrud, CFO of General Employment Enterprises, commented, “This agreement will enable us to extinguish the debt currently outstanding with Wells Fargo, and give us the necessary capital for 2013 and beyond. Keltic has a proven track record of working with companies they invest in and we look forward to making this a great partnership.”
General Employment provides staffing services through a network of 22 branch offices located in 11 states.