Daily News: January 22, 2013

Gibraltar Business Capital Closes $4.1MM in Factoring Lines

Gibraltar Business Capital (GBC) recently closed on three new factoring lines of credit totaling $4.1 million.

The first transaction is a $2.5 million factoring line of credit to a free circular publication in the US. The current ownership and management team have successfully implemented a turnaround at the New York-based company and were in need of growth capital. GBC refinanced the incumbent lender providing additional liquidity to help support the company’s growth initiatives.

The second transaction is a $1 million factoring line of credit to a six-year old manufacturer of high tech products for traffic signal control and intelligent transportation systems. The company, based in Arizona, has experienced rapid growth and was in need of capital to fuel additional growth. GBC’s new facility refinances the incumbent lender providing fresh working capital.

Lastly, GBC closed on a $600,000 factoring line of credit to an Ohio-based business process outsourcing center. The company was acquired by its current ownership and encountered some operating difficulties in the early part of the implementation. GBC’s financing was used to refinance the incumbent bank and provide growth capital now that the operating issues have been addressed.