Sawgrass Finance, the Ponte Vedra-based, asset-based lender, has announced the funding of a $6-million asset-based loan to a revered Florida-based seafood wholesaler.
A widely respected family-owned enterprise, the specialty seafood company has faithfully supplied grocers, retailers and restaurants across Florida and beyond for almost 90 years. But when the purveyor’s lender changed its lending parameters, the company’s business owners needed an alternative lending source on short notice. Recognizing their formidable accounts receivable and inventory, a banker connected the deserted borrowers to Sawgrass.
“This borrower was the perfect fit for Sawgrass’s unique lending solution,” explained Sawgrass Finance Founder Marius Dobren. “Strong accounts receivable and inventory made a clear case for their operation’s veracity yet failed to meet the narrow lending criteria of most traditional lenders. We worked hand-in-hand with our banking partners to extend a $6-million safety net to a deserving entity.”
Structured as a working capital line of credit, the loan gives the business owners both immediate assurance and forward-looking flexibility to whether the market’s inevitable ups and downs. Restaurants and grocers throughout the Southeast will remain stocked without interruption as a result.
