Speed is critical when securing financing to spur growth in the ever-competitive steel manufacturing industry.
Timeliness was vital for Spokane Industries, an international manufacturer with a nearly 60-year history. As a second-generation, family-owned and operated company, Spokane Industries sought a financing partner that understood their distinct growth needs, could move fast, and offer greater liquidity.
The Washington-based manufacturer specializing in steel castings and metal products across many industries required a unique structuring of their financing needs leveraging accounts receivable and large-scale inventory, as well as machinery and equipment assets as collateral.
Swift Action Provides Greater Access to Liquidity
Gibraltar’s team gave Spokane Industries access to key decision-makers throughout the process to ensure financing terms would be settled in a timely manner. Gibraltar moved quickly when issuing Spokane Industries’ leadership a term sheet, and throughout term negotiations, to offer a path to a speedy close for a $5.5 million asset-based loan. An ABL was the right option for this business because of its reliance on asset values which can provide more flexibility as compared to traditional financing’s reliance on performance ratios.
GBC offered additional borrowing liquidity to serve the business’ needs and was able to provide necessary working capital financing to help the manufacturer scale. Access to liquidity was a key priority for Spokane Industries, and Gibraltar’s leadership addressed this quickly to offer the company adequate financing.
Responsive Leadership Secures Timely Speed to Close
Gibraltar’s leadership team understands the frustrations businesses face when access to working capital from banks and other funding sources are limited or too restrictive.
In this instance, GBC’s leadership moved the transaction rapidly through the closing process and provided Spokane Industries’ team access to its credit committee and key decision makers. This process ensured the financing deal met the company’s current and future goals with no unexpected surprises. The leadership team followed its philosophy of being fast, flexible, and creative to structure a $5.5 million credit facility designed to match the company’s strategic growth needs.
