Gibraltar Business Capital closed a new $8.8 million asset-based line of credit for Greensboro, N.C.-based Elastic Fabrics of America, a manufacturer of warp-knitted and circular-elastomeric fabrics that are used to make lingerie, athletic apparel and certain fabrics needed for medical-related purposes.

Gibraltar Business Capital was able to help Elastic Fabrics of America, which is owned by a private-equity firm, tap into its complex capital structure to unplug liquidity tied to fixed assets as well as to extend full eligibility on receivables. Gibraltar Business Capital also was able to extend credit on valuable work-in-progress inventory – and with both actions, ultimately unlocked essential liquidity.