Business Capital Structures and Secures $10.5MM Credit Facility for General Engineering Contractor
“Our client was faced with unexpected setbacks related to bonded public works projects which, cumulatively, had a negative impact on profits. The company’s incumbent lender introduced us to Business Capital to secure financing to replace their credit facility. BizCap conducted a thorough analysis of the company and quickly secured financing at an interest rate and structure that was very competitive. I highly recommend the team at Business Capital to companies faced with similar circumstances.” – Terence J. Long, CPA & Business Consultant
The Company is a family owned, leading general engineering contractor providing services in the construction, agriculture and public works sectors. It operates one of the largest fleets of earthmoving equipment in the state of California and its projects include landfill expansion and closures, levee construction and emergency repairs, earth fill dams, pond construction, commercial and residential developments. The Company’s primary customers consist of cities, counties, municipalities, and water districts.
The Company expanded its larger bonded public works projects and experienced significant unanticipated overhead expenses, as well as some unusual setbacks which adversely affected overall profitability.
Business Capital was able to underwrite and present the Company’s current situation and how new and existing contracts would be completed profitably. As a result, Business Capital was able to deliver conventional bank financing which will provide the Company with the additional working capital they need to continue ongoing projects and realize plans for growth.