Asset based lender Thermo Credit provided a $2 million factoring facility to 15 Rivers Ready Mix, a Texas-based manufacturer and distributor of ready-mix concrete.
The financing will be used as working capital to expand the newly launched company, located near Dallas.
15 Rivers CEO Lamar Carter stated, “15 Rivers Ready Mix is one of the newest entrants into the North Texas concrete market in 2019. Our team is very excited to have Thermo Credit provide the company with the perfect funding facility. This funding facility will assist 15 Rivers in achieving all of our growth goals for Dallas, Rockwall, Kaufman and Ellis counties in North Texas. Seth Block has provided extraordinary business acumen by taking the time and effort to understand the financial operations of a 21st century ready-mix operation. We believe that 15 Rivers and Thermo Credit will continue to thrive together for years to come.”
“We are expecting great things from Lamar and his team,” said Seth Block, Thermo Credit executive vice president. “There is wonderful opportunity in this part of Texas and 15 Rivers, with the proper funding facility in place, is poised to grow along with its community. Thermo has ventured into this new industry based on our strong relationship with Mr. Carter.”
Thermo Credit is a privately held funding company that provides asset-based loans, accounts receivable financing and factoring services primarily to the communications and technology industries.
