Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $10MM ABL facility, comprised of an AR and Inventory revolver to an industry leading foodservice equipment manufacturer and distributor of commercial kitchen equipment. The Company was seeking a lending partner who could provide greater flexibility and more availability than its current bank lender, while also understanding the unique challenges inherent to its business and their industry.
Proceeds from the loan were used to refinance the bank and will provide ongoing working capital support to meet the Company’s current sales pipeline and growth opportunities.
Jason Anish, President & CEO said, “AFS remains committed to providing flexible custom financing solutions in the marketplace that will allow owners and managers to run their businesses effectively and execute their long-term growth strategies.” He continued, “As a complex deal with multiple 3rd party issues that took some time to navigate, the company and our team worked incredibly hard through the underwriting process to achieve a favorable outcome that will help the company have better access to working capital, take on new customers and effectively manage its vendor obligations.”
About Austin Financial Services (AFS)
Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the middle-market sector for over 40 years. Specializing in alternative funding options, AFS provides support to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS’s comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.