Entrepreneur Growth Capital closed a $5 million asset-based facility for a commercial bakery. The facility provides availability against both accounts receivable and inventory.
“This fifth generation business was a longtime customer of a regional bank. The bakery faced several challenges since the pandemic at the same time its bank was tightening credit,” Dean Landis, CEO of EGC, said. “The newest generation had not proven itself to the bank and was asked to find a new lender. EGC is eager to work with turnarounds by providing flexible and creative working capital solutions.”
In order to get the deal closed, EGC first provided a $3 million bridge loan to meet the bank’s deadline while it worked on getting appropriate intercreditor agreements with other lenders.
