Wintrust Receivables Finance, part of Wintrust Business Credit, closed a new $1.5 million accounts receivable-based line of credit for a Chicago area distributor of neuroscience medications.
The pharmaceuticals firm recently received initial FDA approval for a new formulation of its products and expects the approvals to lead to a significant increase in revenue. The new line of credit from Wintrust is a higher level of financing than the company’s previous lender was able to provide.
“This company will be an excellent addition to the Wintrust Receivables Finance portfolio,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said. “The closing of the transaction reaffirms our continued commitment to provide working capital financing solutions to the market during the various disruptions related to the COVID-19 pandemic.”
Wintrust Receivables Finance began working with the client in mid-March, only days before the initial stay-at-home order was implemented in Illinois due to the COVID-19 pandemic.
“I’m proud of our team’s ability to adapt during a truly unprecedented set of circumstances and deliver a new line of credit that will support the company’s growth in 2020 and beyond,” LeuVoy said.
