BizCap delivered a $15 million multi-tranche credit facility for a trader, processor and distributor of garbanzo bean (chickpea) products in the U.S.
The company processes more than 98 million pounds of product at its three production plants. The beans are bagged and shipped to small family-owned companies and international food suppliers in all 50 states and six continents
The facility will help the agriculture company stabilize from a period of industry and commodity price fluctuations, providing access to working capital as it continues to execute its long-term strategy of being a provider of chickpeas to the U.S. market.
“I could not be prouder of the BizCap team,” Chuck Doyle, president and CEO of BizCap, said. “We simultaneously delivered an asset-based line of credit from one lender and a real estate term loan from a different lender and closed both loans within 45 days. At times it reminded me of a high wire act, but that’s what we do — take care of our clients’ business and deliver on our commitments. That is how we built our long-standing reputation in a very competitive industry.”
BizCap is a commercial finance and advisory firm.
