PNC Bank Provides Yashi Credit Line
Yashi announced it received a $4 million committed line of credit from PNC Bank. The new credit line will support the company’s rapid growth.
The terms of the committed line of credit were not disclosed, but the new credit facility will remove certain restrictions and limitations and provides more flexibility to Yashi than its prior loan. The new credit line replaces the company’s existing asset-based loan from a venture debt bank that was scheduled to expire in September 2014.
“We are proud to announce that we have successfully secured a committed line of credit from such a prestigious institution as PNC Bank,” said Jay Gould, CEO at Yashi. “This new credit facility will substantially lower our cost of capital, drive significant revenues and additional profitability to exceed our financial projections next year. We met PNC Bank at the 2014 Ernst & Young Entrepreneur of the Year awards, where they were the Platinum sponsors for the event. The PNC team quickly understood Yashi’s business and our working capital needs for our rapidly growing and profitable business.”
“We are very excited to welcome Yashi to the PNC family and look forward to their continued success,” said Robert Mercado, VP, Commercial Banking at PNC Bank.
Yashi is a privately held video advertising platform that analyzes tens of billions video ad opportunities each month for thousands of websites.