Business Capital Secures Bridge Financing for Manufacturer of Frozen Treats
“BizCap was referred to me as a potential source of capital for a distressed firm we were engaged to turnaround. We turned to Chuck Doyle and his team to replace the current credit facility, which restricted the company’s ability to finance its growth. In a matter of days, BizCap successfully secured a bridge loan that fit the cash flow needs of the company and is currently working with us to arrange multi-layered financing to accommodate the company’s future growth strategy. We truly appreciate Business Capital’s incredible efforts, they get an A+ in our book for timeliness of service and execution.” -Richard G. Stevens, Founder, Hunter Stevens LLC
The Company is a maker of various ice cream bars and other frozen snacks, and the first Hispanic influenced company to display freezers in convenience stores and super market channels in the United States. The company currently has over 10,000 points of distribution in the US for its hand-crafted ice creams and fresh fruit bars.
The Company required bridge financing to pay off its incumbent lender and stabilize its capital base prior to entering peak selling season. Additionally, the Company would require a more flexible and permanent financing solution to support ongoing working capital needs and projected growth in 2015. Because of the urgency of their needs as well as the short-term nature of the initial financing, it was a challenge for them to find the right lending partner to help them at this critical juncture.
Business Capital was able to understand the Company’s unique challenges and financial requirements, and structure and secure the desired bridge financing. Business Capital is currently underwriting the Company’s credit to secure a permanent, flexible credit facility with a borrowing base following a similar pattern of seasonality. This will provide the Company with strategic cash flow and the benefit of added liquidity needed for intelligent operation and growth.