Presidential Financial Provides Janel World Trade Facility
Janel World Trade announced it entered into a $3.5M loan and security agreement with Presidential Financial. The new credit facility replaces the credit facility with Community National Bank.
Under the new facility, the company can borrow the lesser of $3.5M or 70% of the company’s aggregate outstanding eligible accounts receivable (the company had no borrowing availability under the CNB facility).
“This new credit facility, coupled with the equity investment announced five months ago, provides Janel with increased financial flexibility and is another key step toward our future growth initiatives with the goal of returning Janel to profitability,” said William J. Lally, president and CEO.
Jamaica, NY-headquartered Janel World Trade is a global provider of integrated logistics.