SAN FRANCISCO, April 20, 2021 (GLOBE NEWSWIRE) -- BizCap® (Business Capital since 2002) structured and delivered a $12MM asset-based line of credit for a producer of asphalt sold primarily to large highway construction companies in the state of California. The Company also produces distillate and naphtha, sold to local refineries for the production of gasoline. Crude oil is processed into these finished products at its own plant, which has been in operation for over 88 years. The new credit facility will allow the California asphalt plant to ramp up production to meet growing local demand as the state’s infrastructure undergoes major repair and maintenance.
“With a recently passed California bill of over $5B annually designated towards road repair and a $2 Trillion national bill on the table for infrastructure, our state and country will see a significant influx of new revenue to invest in streets and highways,” said Chuck Doyle, President & CEO of Business Capital. “Our client’s products and services will be in high demand, so we are pleased to be able to assist them in meeting the challenge of rapid expansion.”
BizCap® is a time-tested leading commercial finance and advisory firm specializing in securing customized non-dilutive credit-based solutions for rapidly growing as well as challenged middle market companies nationwide who require unique, timely and tailored financing structures to address their particular needs, especially when conventional sources of capital are not an option. BizCap® is a proud supporter of Team IMPACT, a national nonprofit that connects children facing serious and chronic Illnesses with local college athletic teams, forming life-long bonds and life-changing outcomes.
Contact:
Business Capital
Chuck Doyle
415-989-0970
cdoyle@bizcap.com
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