Gibraltar Business Capital recently closed on a new $6.75 million asset-based line of credit for St. Paul, Minn.-based Maple Island Inc., a leading manufacturer, processor and packager of quality food-powder products and one of the only vendors that is USDA-approved, FDA-inspected and Kosher-approved for infant/toddler powdered formula. Through a highly competitive process, Gibraltar Business Capital was able to help Maple Island creatively refinance its existing credit facilities which had been used to finance a multi-million dollar expansion to its canning plant in Wanamingo, Minn. The asset-based line of credit is based on receivables, inventory and certain fixed assets. Gibraltar Business Capital closed the transaction within 30 days and minimized the upfront due diligence required to provide a creative solution, due to lending experience in the contract-packaging sector.
With headquarters in Chicago, Gibraltar Business Capital is a privately held middle-market lender providing small to medium-sized business owners fresh and accessible capital alternatives to a commercial bank loan. With fast, flexible asset-based lending and factoring solutions, Gibraltar delivers lines of credit and specialized funding that allows business owners to meet their objectives. Building on its 60-year history, Gibraltar Business Capital is a multifaceted company strategically positioned with the capital, infrastructure, personnel and resources to support its clients nationwide.