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 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.