When a new ownership group acquired control of this existing trucking and packaging firm, they tried to get a bank line of credit. But due to the start-up nature of the new entity, they did not qualify. The bank referred the company to Summit.
Summit was able to provide a $1.5mm A/R line, while utilizing other bank contacts to provide term financing that increased the level of working capital.
This is a win-win for both the bank and the company – the bank was able to retain the DDA and other banking relationships, and the new transportation entity has enough working capital to keep on moving.