Franklin Capital completed a $750,000 factoring facility for a chilled packaging company referred by bank in Chicago.
The chilled packaging company needed financing for overhead and to fulfill orders to food delivery companies such as Freshly and Hello Fresh. First, the company turned to CIBC, which could not provide it with financing due to the size of the deal and a recent exit from bankruptcy. The bank introduced the company to Franklin Capital following an investment by a venture capital group and board restructuring.
“I received a call from a CEO of a former borrower from twenty years ago who was looking for a working capital line for a west coast cold packaging company,” a spokesperson for the referring bank said. “After determining it was too small for our current ABL portfolio profile, I referred them to Franklin Capital. I knew three things given our relationship with Franklin. First, they would be very responsive to us and the prospect. Next, they would be solution-driven in their response, and the size profile was a good match. Last, with Franklin’s help, the company had a good chance of growing over the next few years, and both Franklin and the borrower would look to us to be their next financing source. After a matter of a few weeks, Franklin funded the transaction, and they are off and running.”