Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $3MM ABL facility, which included an AR and Inventory revolver along with an M&E term loan, to a contract and private label manufacturer of chocolate confectionary products. Proceeds from AFS’ revolver were used to refinance the Company’s existing bank facility and to provide ongoing working capital for the Company’s growth objectives.
“When this over 140-year-old company was asked by their bank to find a new lending relationship, the team at AFS was able to meet and exceed the client’s expectations with their new credit facility,” said Jason Anish, President & CEO. “The new AFS facility successfully provided the company with the availability it needed to pay off their bank and as well as with additional working capital, all while meeting the bank’s exit timeline.”
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.