EzFill Holdings, a provider of on-demand mobile fueling, entered into a revolving credit line agreement with City National Bank of Florida. Under the revolving credit facility, the company may borrow up to approximately $16 million, a number that will vary over time. EzFill can use the funds for general corporate purposes. The revolving credit line is secured with the securities held in the company’s investment portfolio with the bank.
“During 2021, we have undertaken key financing initiatives, including our initial public offering in September. Now we can utilize the credit facility to strengthen our financial position in order to meet growing demand for mobile fueling services in our existing markets and strategically enter new high-growth markets in Florida and beyond,” Arthur Levine, CFO of EzFill, said. “With increased financial flexibility and momentum building in the business, we believe that we are well positioned to achieve the next stage of our operational growth.”
