Austin Financial Services Closes $12MM Credit Facility to Manufacturer of Textile Floor Coverings
July 30, 2024
Source: Austin Financial Services, Inc. (AFS)
Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $12MM asset-based lending (ABL) facility. The financing solution, which was extended to a family office-owned manufacturer of yarns and textile floor coverings, includes an AR and Inventory revolver, alongside a Machinery and Equipment term loan.
The proceeds from AFS’ facility were used to refinance the company’s existing bank line and to provide additional ongoing working capital, supporting the company's growth objectives through a more flexible facility.
“Working with the management and ownership team was a genuine pleasure,” said Jason Anish, President and CEO of Austin Financial Services. “Their clear vision and understanding of their business needs facilitated the seamless closing of the transaction. We are thrilled to be able to support their growth through this ABL facility.
Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the middle-market sector for over 40 years. Specializing in alternative funding options, AFS provides support to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS's comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.