Marrone Bio completed a $13 million expansion of its existing accounts-receivable credit facility, which now totals $20 million, and added a $3 million inventory-backed credit facility to support the company as it continues to expand its customer base.

According to the terms of the agreement with LSQ Funding Group, LSQ may elect to purchase up to $20 million of eligible customer invoices from the company, a significant increase from the $7 million limit established in 2017. In addition, the company established a new $3.0 million inventory-backed credit facility with LSQ.

“Our partnership with LSQ has given us excellent cost-effective financial vehicles by which we can improve our liquidity and working capital to accommodate our rapid growth,” said Jim Boyd, president and chief financial officer of Marrone Bio Innovations.

“I expect these facilities to help address the seasonal demand and varying sales cycles across the various crops and customers we serve. We look forward to continued success in 2020, driving long-term value creation for our shareholders.”

“We are pleased to renew our strong working relationship with Marrone Bio Innovations, which has been an excellent client in our portfolio,” said Dan Ambrico, president and CEO at LSQ Funding Group.

LSQ offers invoice financing and supply chain finance solutions.

Marrone Bio Innovations is a growth-oriented company leading the movement to more a sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment.