Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $1.3MM revolving A/R and inventory facility to a 25+ year-old privately-owned hosiery and sock manufacturer. The Company was looking to grow by continuing to expand its customer base and sought a more flexible lender to replace its restrictive lending facility. Proceeds from AFS’ revolver were used to pay off the Company’s existing factoring line and provide new funds to support business growth.
Jason Anish, President & CEO said, “small businesses have faced an economic and existential crisis during the COVID-19 pandemic.” He continued, “AFS is proud to continue providing much needed capital support to those essential businesses, who are the backbone of the economy.”
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.