Rosenthal & Rosenthal, Inc., a leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced the completion of a recent $2 million revolving credit facility and $750,000 term loan to support the working capital needs of an Ohio-based finishing and coatings company serving the automotive, appliance and electrical industries.
In business for over 60 years, the company had an existing relationship with a national bank. The bank was facing limitations on its lending capacity given recent performance during a challenging period due to the pandemic. The company’s advisors, Rick Szekelyi and Jason Egger of Phoenix Management Services, recognized the positive impact that additional working capital would have on the business and introduced the company’s executives to Al Foster, Vice President and Business Development Officer in Rosenthal’s Southeast office. By leveraging the company’s accounts receivable and real estate to support the revolver and term loan facilities, Rosenthal was able to provide more working capital than the company’s bank was able to offer to support the company’s rebounding revenues and growth.