California Bank of Commerce (CBC) completed a $5 million asset-based revolving credit facility with a rubber product manufacturer.
After the manufacturer experienced recent losses and an exit from its existing bank, CBC provided financing structured against the assets of the company, providing the company with operating capital. The manufacturer will use the credit facility to support accounts receivable, inventory and equipment purchases.
The Southern California-based company was formed in 1910 and develops and manufactures specialty rubber products for sale throughout the U.S., including sheet rubber, rubber matting, extruded and spliced rubber and molded rubber products.
