- TSL Express Industry Deals
- Valley Bank’s New York City Commercial Banking Team Closes $150 Million Syndicated Credit Facility to a Premier New York-Based Finance Company
- Zevra Therapeutics Refinances Existing Debt with up to $100M in Committed Capital under New Credit Facility
- Trinseo Announces Completion of Transaction to Refinance $660 Million 2024 Term Loan and $385 Million of 2025 Senior Notes
- Shell Signs Innovative $10 Billion Revolving Credit Facility
Marco Financial Joins the COVID-19 Fight by Providing Receivables Finance for a Personal Protective Equipment Distributor
February 23, 2021
Source: Marco Financial
Marco Financial established a $2,000,000.00 expandable receivables-based finance facility for a large domestic distributor of Personal Protected Equipment (PPE). Vital medical-provider protective supplies such as sterile gowns, gloves and masks are still in short supply and this Mid-Western distributor is a leading national source for large individual hospitals, and multi facility healthcare organizations.
Marco’s EVP & Senior Managing Director Barry Kastner commented, “our client told me that his growth was going to significantly surpass his ability to financially support the orders he was receiving, since his payment terms to customers was tying up his cash flow. Typical PO’s are over $1MM and at any point in time he has two to three of these awaiting fulfillment. I recommended our factoring facility as a perfect fit for his needs, and we designed it to grow along with the expansion of his business.” As a relatively new company, it was virtually impossible for this distributor to get traditional financing from banks or even asset-based lenders. “When Barry presented this opportunity to Marco just two weeks ago, I saw a prototypical factoring opportunity with a client that has little financial history but selling to multibillion-dollar medical centers and hospital organizations. We built our underwriting on the Balance Sheets and P&L’s of these huge businesses/customers and easily qualified this client for the financial fuel to put his growth into high gear. Under normal circumstances our typical transaction involves cross-border and possibly multi-currency structures; however, this being fully US domestic, was a pleasant change and took extraordinarily little time to underwrite and close.” These were the comments of Fred Leder Marco’s CCO / SVP Operations.
Chief Operating Officer Peter Spradling remarked that “Marco puts together customized financial solutions for business that are growing and that sell to credit worthy customers. As specialists in factoring, we know how to bend, mold and shape structures within the overall factoring framework to accommodate many unusual and seemingly non-qualifying situations. Marco’s highly experienced team takes the approach of saying “how” versus “no.” “We are problem solvers!”
Marco is revolutionizing global trade by providing reliable, working capital for Latin American and North American SMEs. Marco addresses the $350 billion trade financing gap in Latin America by developing an innovative and proprietary risk model that processes data in real-time to dynamically assess risk and mitigate capital loss. Its factoring approach to trade finance reduces risk and frees up cash, enabling underserved SME exporters to continue operations and invest in growth. Founded in 2020 by Peter D. Spradling and Jacob Shoihet, Marco is headquartered in Miami, FL with offices in New York and across Latin America. Marco is backed by Struck Capital and Antler, and its credit facility is underwritten by Arcadia Funds, LLC. For more information on how Marco can help power your exports with working capital, please visit marcofi.com.
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