Daily News: May 6, 2019

Essex Closes $2.7MM Term Loan for Harger Utility

Essex Capital Group arranged a $2.7 million term loan for Harger Utility Contractors.

Harger is a service-disabled veteran-owned small business specializing in site development, earthwork, concrete work, horizontal directional drilling, auger boring, and other general civil construction. With expertise in site and utility work, the company designs trenchless applications for construction and infrastructure projects.

Harger approached Essex to structure a financing solution after a customer failed to pay the company on a large project, causing a liquidity crunch and a default with its existing lender.

“We were pleased to bring Harger a new lender that took the time to understand the company’s short term problems and recognize the long term growth potential of the business. We were able to arrange a term loan that refinanced the existing bank and restored needed liquidity for Harger,” said Rob Swain, Essex president.

Essex Capital acted as the company’s exclusive advisor.