Coral Capital Solutions, a provider of financing solutions for the middle market, announced it has renewed a $42 million annual factoring facility with JNET Communications, a provider of customer contact management and telecommunication infrastructure fulfillment services to Fortune 1000 companies and a certified minority owned business.
The factoring facility renewal will support the continued growth of JNET Communications’ two subsidiaries, ServiCom and Vitel Communications. Warren, NJ-based JNET Communications has been a Coral Capital client since 2011 and has financed nearly $250 million with Coral Capital. JNET is a certified minority, women, disadvantaged and veteran business enterprise
“David Jefferson, Gene Caldwell, the entire JNET management team and the company’s dedicated employees have done a tremendous job in turning the company around. We, here at Coral Capital, view JNET as a proven success story of how factoring empowers a company in a difficult environment and tough economic times,” said Jim Bertie, chief operating officer of Coral Capital Solutions.