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Entrepreneur Growth Capital Provides $1.8MM ABL to Distributor

March 26, 2021, 06:00 AM
Filed Under: Distribution

Entrepreneur Growth Capital provided a $1.8MM asset based line of credit to a New Jersey based distributor of building materials (the “Company”).

The 115-year-old company had covenant compliance issues with its long standing bank. EGC provided an accounts receivable and inventory revolver to meet the Company’s cash flow needs and payoff the bank. Because the closing occurred during the Company’s slow season, EGC also provided a stretch piece to get them “over the hump.”

Robert Abraham, Vice President of EGC stated, “Like many clients, and prospective clients, this company went through a tough period over the last year.  They did what they had to do to get through and EGC expects them to rebound with the economy...and a little lender flexibility definitely helps.”

Originally founded in 1937, EGC is one of the oldest and largest independently owned asset-based lenders in the United States. Throughout its 84-year history, it has always served the ENTREPRENEUR who is seeking GROWTH and in need of CAPITAL.

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