Gibraltar Business Capital (GBC) recently closed on two new asset-based lines of credit for Michigan-based businesses. The first transaction is a $900,000 asset-based line of credit to a wholesale distributor of plumbing, heating, & water well supplies.   The family-owned business suffered losses during the economic downturn. GBC refinanced the incumbent lender as part of a balance sheet restructuring that will enable the company to move forward with sufficient liquidity.

The second transaction is a $1.2 million asset-based line of credit to a manufacturer of steel roll form products, specifically reinforcement metal bars for door frames in automobiles. Other capabilities include light stamping, bending and welded assemblies. The privately held company experienced financial difficulties as the result of a new program launch that proved to be more complex than originally contemplated. GBC’s new facility refinances the incumbent lender providing fresh working capital.

Separately, GBC recently closed on a $1.5 million factoring line of credit to a NJ-based provider of consulting and staffing solutions in the Information Technology industry. The three-year old company specializes in On-Demand Services (project staffing and recruitment) and Turnkey Applications (scalable solutions to integrate and automate current business processes). GBC’s financing was used to facilitate the acquisition of the company by a complementary business.