Lighthouse Financial completed a $3.924 million credit facility for a manufacturer and marketer of frozen food products based in North Carolina.
The transaction included a $3.2 million revolving line of credit along with a $724,000 term loan.
The company lost a substantial seasonal customer leading to short term losses. However, sales efforts resulted in the acquisition of new, less seasonal customers and overall growth.
Lighthouse provided a term loan secured by machinery and equipment in conjunction with a line of credit secured by accounts receivable and inventory that not only paid out the company’s prior lender but created significant additional working capital availability to support growth.