The Company has operations and services customers in Canada and the USA with head office in Edmonton, Alberta and regional offices in Pennsylvania and Texas. The GMF credit facility replaced a major bank and more than doubled its credit facility by providing the Company with C$ and US$ credit facilities supporting Company operations and customers on both sides of the border. GMF cross border facility helps the Company with improved liquidity by drastically increasing the credit facility allowing the company to continue to grow its business in both countries. There former lender was not willing to provide additional capital due to restrictive covenants and exposure to oil/gas service industry. As a value-added service, GMF also provided a “short term bridge unmargined loan” to support the working capital requirements prior to anticipated seasonal sales increases. The Company is well established industry leader in the water & vacuum services for customers in the oilfield sector, specific to steam-assisted gravity drainage (SAGD) operations, plant-work & winter core-hole programs, 24/7 service provided by its shop/field mechanics across the USA and Canada.
Karim Habib, GMF Managing Director, Canada said, “closing this transaction and providing the company with an increased facility validates our position in supporting small & medium size companies with their growth opportunities across North America. As we continue to build our presence in this competitive financing market place, it is imperative for us to deliver value added, competitively priced and well-structured working capital solutions, while delivering financial solutions in a timely manner.” Each credit facility is designed to meet the individual needs of the company’s business, taking into consideration specifics such as cross border financing, trade cycles, seasonality, customer base and more. Flexibility is what makes GMF unique and its ability to finance domestic and international accounts for USA and Canadian based companies.
Founded in 2006, Global Merchant Fund (GMF) is a provider of domestic and international financing solutions for growing mid-sized businesses across a wide variety of industries and geographic locations. GMF helps clients succeed through their AR financing, ABL, purchase order and supplier chain financing programs with a focus supporting companies with strong management and growth opportunities. GMF has principal operations in Toronto, Canada, Miami, FL, and New York, NY.
For more details, please contact Karim Habib, Managing Director, Global Merchant Fund at email@example.com