North Mill Capital provided a $7.5 million asset based revolving line of credit to North Atlantic, an importer and distributor of seafood based in Portland, ME.
The financing was comprised of an advance against receivables and inventory. North Mill worked with a foreign bank to allow North Atlantic to take advantage of purchasing and importing product by leveraging the value of the inventory in transit.
The facility was used to pay the company’s present bank lender and provide additional working capital for growth.
“We are looking forward to doing business with a capital source that looks at lending through a business lens and not a regulatory lens,” said Jerry Knecht, founder and president of North Atlantic.
