Veritas Financial Partners & Midland American Capital Provide a $3 Million Line of Credit to a Manufacturer of Home Furnishings
BOCA RATON, Fla., Oct. 3, 2013 /PRNewswire-iReach/ --
Manufacturer of Home Furnishings
The Company is a southeastern based manufacturer of decorative home furnishings and specializes in producing proprietary scented products. The borrower was founded in 1983 and has recently experienced a period of growth. The Company's sales are highly seasonal and tied to the year-end holiday season. Management was seeking a flexible financing option to accommodate its business plans.
$3 Million Funding Solution
Veritas Financial Partners and Midland American Capital provided a $3 million credit facility collateralized by the company's account receivables. The line of credit was utilized to refinance existing indebtedness and for general working capital needs to continue the company's growth strategy.
About Veritas Financial Partners
Veritas Financial Partners is a leading national financial services firm that provides senior secured credit facilities to small and medium sized businesses. Veritas provides financing across a variety of industries and forms of collateral, including accounts receivable, inventory, machinery, equipment and owner occupied commercial real estate. Commitments range from $1 to $10 million, and often involve facilities that blend various forms of collateral, providing the client with a single financing solution. Facilities larger than $10 million are available through our network of participating lenders.
About Midland American Capital
Midland American Capital provides secured working capital facilities to fast-growing, entrepreneurial companies. Midland's liquidity programs include factoring, import letters of credit and funding to fulfill orders from large customers. Midland serves clients nationwide through Business Development Officers located throughout the United States. Midland is expert at working
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SOURCE Veritas Financial Partners