YONKERS, N.Y., April 30, 2014 /PRNewswire/ -- HVB Capital Credit LLC, a wholly owned subsidiary of Hudson Valley Bank, the largest commercial bank headquartered in Westchester County, NY, announced today that it has closed on a $5 million asset based loan to Joyce Leslie Inc., based in Moonachie, NJ. The company intends to use this new credit facility to support working capital needs and to fund strategic growth initiatives.
"We are proud to meet the growing need in the market for alternative financing solutions," said Stephen R. Brown, Hudson Valley's President and Chief Executive Officer. "As the economy continues to recover, businesses are looking to invest and grow and require a broader range of lending options. The flexibility of asset based solutions compared to other capital sources are particularly appealing to many companies."
"Our asset based financing structures are customized to the unique needs of small and medium-sized businesses looking to achieve a range of objectives, including financing capital improvements, increasing inventory or expanding payrolls," said Mark Fagnani, First Senior Vice President and Group Director of HVB Capital Credit.
"HVB Capital Credit took the time to understand our company and has provided a financing solution to meet our working capital needs," said Peter Left, CFO of Joyce Leslie. "They worked with us to structure a deal that would offer Joyce Leslie the liquidity to grow our business. We look forward to a long and mutually beneficial relationship with HVB Capital."
About Hudson Valley Bank Hudson Valley Bank, headquartered in Yonkers, N.Y., serves small- and mid-sized businesses, professional services firms, not-for-profit organizations and their principals throughout metropolitan New York. The Company focuses on building strategic relationships with its niche customers, providing a full range of banking, deposit, financing, trust and investment management services, in addition to specialized services, such as asset based lending and equipment financing, across varied industries nationwide. With $3.0 billion in assets, $2.6 billion in deposits and 28 branches, Hudson Valley is the largest bank headquartered in Westchester County. Its common stock is traded on the New York Stock Exchange and is a Russell 3000® Index component. More information is available at www.hudsonvalleybank.com.
About Joyce Leslie Inc.
Founded in 1945, Joyce Leslie is a specialty retailer of women's apparel and accessories targeting the sophisticated, value oriented consumer. The company has 47 locations situated primarily in quality strip centers throughout PA, NJ, NY & CT. Joyce Leslie prides itself on offering quality and edgy styles to a customer base consisting of a broad range of demographics from young gals to moms. Joyce Leslie offers an array of categories including women's, girls and junior apparel, clothing and sportswear; and the related sales of intimate apparel, shoes, belts, handbags and jewelry.
SOURCE Hudson Valley Bank