Diamond Business Credit announced the recent funding of a $500,000 line of credit to a scrap metal recycling and smelting operation.
The company was recently organized to purchase the assets of a dormant operation that had failed and ceased operation some time ago. The management team, consisting of an industry operations expert and a business management consultant effected the acquisition, re-started operations and immediately built a substantial backlog.
Management successfully secured some vendor support but also needed a working capital line to successfully execute its aggressive growth trajectory.