Daily News: August 28, 2019

EGC Closes $4MM Facility for Wireless Phone Distributor

Entrepreneur Growth Capital has closed a $4 million working capital facility to a mid-western wireless phone distributor.

When the company’s long-time bank decided not to renew its facility, it tuned to EGC. The line uses accounts receivable, inventory and marketable securities for its revolver, and telecommunications equipment for a term loan. Receivables include commercial, consumer, and governmental customers, some of which are also being factored.

“We are very pleased to offer additional working capital to a company that was no longer favored by its bank. It took a little ingenuity and perseverance, but I think that the client is going to be well served and continue on its long track record of success,” said Dean Landis, president of EGC.