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Access Capital Provides $1.5MM Term Loan to Portable HVAC Wholesaler

February 28, 2014, 07:18 AM
Filed Under: Wholesaler

Access Capital has closed a $1.5 million three year term loan to a wholesaler and e-retailer of portable heating, portable cooling, air purifying units and vacuum products and parts.  The borrower’s parent is based in Canada whose US subsidiary sells to domestic online retailers, large hardware and big box stores.

The company sought out new financing to replace its existing loan with a local US bank which was collateralized by a standby letter of credit.  Access Capital provided the term loan facility in order to satisfy the current bank debt which is secured by a similar standby of credit.  Access Capital is also in the process of establishing a working capital line for the company in 2014 based on certain performance metrics. 

Access Capital is a privately held non-bank lender that has been supporting the growth of entrepreneurial companies for nearly thirty years.  Headquartered in New York, Access Capital offers asset-based lending, receivable finance and acquisition financing services to businesses nationwide.

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