Entrepreneur Growth Capital (“EGC”) is pleased to announce the closing of a $7.5 million asset-based facility to a west coast based corporate relocation and housing company (“the Company”).
The credit facility provides availability against accounts receivable and an overadvance facility to provide additional working capital for certain startup expenses. The client was a long time bank customer but when the market turned during the pandemic, it was asked to leave. With few options, it found a home with a local factoring company. In order to reduce costs and get additional working capital, the Company turned to EGC.
Dean Landis, CEO of EGC, stated, “The owners have been successful for 40 years. Even when the corporate housing market ground to a halt, they were able to figure a way to survive. EGC is confident that the company will thrive yet again.”
