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Business Capital Delivers $12MM ABL Line of Credit for CA Asphalt Producer

April 20, 2021, 07:10 AM
Filed Under: Construction Supply

BizCap® (Business Capital since 2002) structured and delivered a $12MM asset-based line of credit for a producer of asphalt sold primarily to large highway construction companies in the state of California. The Company also produces distillate and naptha, sold to local refineries for the production of gasoline. Crude oil is processed into these finished products at its own plant, which has been in operation for over 88 years.

The new credit facility will allow the California asphalt plant to ramp up production to meet growing local demand as the state’s infrastructure undergoes major repair and maintenance.

“With a recently passed California bill of over $5B annually designated towards road repair and a $2 Trillion national bill on the table for infrastructure, our state and country will see a significant influx of new revenue to invest in streets and highways,” said Chuck Doyle, President & CEO of Business Capital. “Our client’s products and services will be in high demand, so we are pleased to be able to assist them in meeting the challenge of rapid expansion.”

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