Austin Financial Services, Inc. (AFS) closed a $2.0MM senior secured ABL facility to a West Coast based food processing company providing pasta, grain and rice based ingredients for food manufacturers in the U.S. and Canada. The company was looking to refinance its existing credit facility and needed a partner whose lending approach and greater flexibility would provide better working capital support for its ongoing operations and for future growth.
Jason Anish, CEO of AFS said “the Company’s existing bank lender was limiting their availability by suppressing their AR and Inventory assets and not providing enough availability against existing equipment or future equipment purchases.” AFS’s ABL structure included an AR & Inventory revolver with a $500K CapX Equipment term loan. “This new structure will allow the company to ramp up work on the backlog of projects in its pipeline and facilitate their ability to bid on new projects and grow the business.” Funds from AFS’s credit line were used to pay off its existing bank obligations and to support new business opportunities. Headquartered in Los Angeles and with a nationwide lending focus, Austin Financial Services (AFS) is a privately held middle-market lender who’s been providing alternative funding in the form of fast & flexible lines of credit to small and medium sized businesses for over 35 years. Austin specializes in asset based lending solutions which includes; revolving lines of credit and term loans secured by AR, inventory, and equipment for businesses in a growth or turnaround mode with revenues from $5MM to $100MM and borrowing needs up to $12MM.
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.