North Mill Capital closed on a $7.5 million credit facility for North Atlantic, Inc. is an importer and distributor of seafood and is located in Portland, Maine.

The North Mill credit facility was utilized to pay the present bank lender and provide additional working capital for growth. The financing was comprised of an advance against receivables and inventory. North Mill was able to work with a foreign bank to allow North Atlantic to take advantage of purchasing and importing product by leveraging the value of the inventory in transit.

"We are looking forward to doing business with a capital source that looks at lending through a business lens and not a regulatory lens," said Jerry Knecht, President and Founder of North Atlantic, Inc.