Gibraltar Business Capital provided a $20 million senior credit facility secured by accounts receivable and inventory to GloryBee Natural Sweeteners, a family-owned business based in Oregon that sources, processes and packs honey and other sweeteners primarily used as ingredients.
The company, having invested in a new manufacturing facility and national expansion, needed a lender that could move quickly to refinance existing bank debt and provide additional liquidity to maximize growth opportunities. As part of the facility, the team at Gibraltar built in an over-advance to provide more initial liquidity to support some immediate growth opportunities.
“We are proud to have given the company’s leadership the confidence that moving from a traditional bank loan would help them better achieve their growth goals,” Jim Marasco, head of originations at Gibraltar Business Capital, said. “As a non-bank asset-based lender, we can work faster, meet deadlines and facilitate across multiple parties, all while being flexible and responsive to unique circumstances.”
