Daily News: June 20, 2013

Midland American Closes Three Transactions

Midland American Capital announced the closing of three transactions totaling $4.4 million. The deals consisted of:

  • A $3.5 million factoring, purchase order and an inventory supply line of credit for a big box seasonal goods retail supplier. The financing supported overseas supplier payments, raw materials, payroll and shipping and customs costs;

  • A $400,000 receivables working capital line to a service company to several cellular carriers. The facility proceeds will be used to make payroll and for growth opportunities; and

  • A $500,000 receivables line to an oil & gas supplier. The credit facility supports fuel costs, payroll, insurance and other general overheads.