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AloStar Business Credit Enters Seven Lending Agreements

September 15, 2015, 07:27 AM

AloStar Business Credit provided more than $73 million in financing to seven companies in the first four months of 2015. The businesses were located across the country and represent a cross section of industries.

“These credit lines will advance businesses that create jobs and provide valuable services in their respective industries,” said Andy McGhee, CEO and co-founder of AloStar. “Our active start to the 2015 year shows how excited we are to support business growth across diverse fields.”

AloStar entered into lending agreements with the following seven companies:

AloStar provided a $15 million commitment as part of a larger credit facility to a direct cash flow commercial lender that specializes in providing credit facilities to privately held lower and middle market companies.

Stride Tool Ltd., based in Glenwillow, Ohio, received a committed credit facility of $10,500,000. Stride Tool is a specialty manufacturer serving the world's largest hand tool companies and original equipment manufacturers.

OpticsPlanet, based in Northbrook, Ill., received a committed credit facility of $10 million. The company is a privately held online retailer of shooting, hunting, military, law enforcement, eyewear, and laboratory equipment.

Stonefield Investment Fund IV, LLC, based in Monsey, N.Y., received a committed credit facility of $10 million. The company purchases municipality-issued real estate tax liens which are secured by the underlying property.

AloStar provided a $10 million term loan to a branded hotel in downtown Decatur, Ga.

Endeavor Schools, based in Miami, Fla., received a committed credit facility of $9,320,000. Endeavor Schools is a family of unique and well-established private schools in markets across the country.

Seven Stone Surface Fabrication, LLC, based in Atlanta, Ga., received a committed credit facility of $9 million. The company is a leader in manufacturing countertops across the Southeastern United States.

AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $40 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.

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