Entrepreneur Growth Capital closed a $2 million asset-based facility for a frozen seafood distributor. The facility provides availability against both accounts receivable, inventory and monthly recurring revenue (“MRR”).
Dean Landis, CEO, stated, “This venture backed company experienced explosive growth during the pandemic. However, when buying patterns returned to normal their existing bank had “lender fatigue.” Most of their business was subscription based and having positive experiences with MRR businesses, EGC was able to offer an attractive alternative to traditional financing.”