Lighthouse Financial completed a $2.5 million credit facility for a Tennessee based manufacturer of engine heaters and heavy-duty exhaust clamps and placards.
For more than 70 years, the company has provided high quality American made products and exceptional service to the OE and aftermarket segments.
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Unseasonably warm winters have caused declining sales over the last two years, straining profits and cash flow. The prior president along with a new, experienced CFO were put in place to lead the company back to profitability. Lighthouse structured an aggressive line of credit secured by accounts receivable and inventory that completely paid out the existing bank and created significant additional working capital availability to support continuing operations.
