Entrepreneur Growth Capital closed an $8 million asset-based facility for a wholesale distributor selling products to retailers and e-commerce companies. The facility includes a $4 million revolver and a $4 million term loan that will repay existing debt, support current operations and permit management to pursue several growth strategies.
“The company faced several upcoming challenges and opportunities,” Dean Landis, CEO of Entrepreneur Growth Capital, said. “Our innovative approach offered management the ability to pursue these without the restrictions required by their previous bank lender.”
“We are excited to partner with this Midwest-based company and provide a flexible structure that fits their objectives,” Ryan Ray, vice president of business development at Entrepreneur Growth Capital, said. “Given the current climate, we have seen an increase of distressed and challenged companies needing access to capital. I am glad that we were able to provide a solution that worked for both parties in an expedited timeframe.”
