GemCap provided an $8 million revolving credit facility to a wholesaler and distributor of fresh sweet potatoes as well as value added processed products. The $8 million facility is a senior secured line of credit supported by the company’s inventory and accounts receivable.
Jim Thieken, Executive Vice President of GemCap, said, “GemCap is pleased to have been able to provide a flexible operating line to Wayne Bailey Produce Co., LLC, and we look forward to working with the company as they establish and grow the new operation.” Thieken also added, “GemCap was able to provide a financing solution to a startup company in the agriculture space at a time when start-up financing in the sector is difficult to procure.”
