$10 Million Accounts Receivable & Inventory Credit Facility
The company is a petroleum distribution company focused on multi-branded wholesale and distribution of fuel and lubricants. They sell several products including bulk lubricants, race gas, diesel, fuel oil, propane, and biodiesel on a commercial/retail scale. The company is a provider to manufacturing companies, construction fleets, farmers, automobile dealerships, government, as well as state and county transportation fleets
The Company was experiencing losses and had tripped debt covenants and was therefore asked to exit by its current bank. Due to the large amount of debt and history of losses, the company was unable to find an alternative funding source.
Business Capital successfully exited the company from the Special Assets Division of a local regional bank in less than sixty days and refinanced an accounts receivable based revolving line of credit and term loans. Business Capital also negotiated away all covenant deficiencies and penalties with the company’s previous bank. Working with its lending partners, Business Capital successfully structured an optimal financing solution that will enable it to achieve its future growth plans.