Trucking Company
$6,000,000 Line of Credit
A trucking company sought transition to a new lender after new bank management asked them to seek alternative financing. The company had a 25 year relationship with this bank, which was acquired in 2008. The new bank management froze the $3,300,000 line of credit and requested $100,000 per month in principal reductions until the credit facility could be refinanced. The bank was willing to retain an existing term loan on rolling stock if the line of credit could be refinanced. During 2009, the company was profitable with revenue of $44,000,000. The company’s customer base was primarily Fortune 1000 companies. One of the company’s major competitors filed for bankruptcy in 2009 giving them the opportunity to significantly expand its business in 2010 and beyond.
First Community Financial representatives traveled to meet the company’s owners and management team. As a result of the visit, First Community was able to get an understanding of the business including the significant growth opportunities within this highly competitive industry. First Community provided a $6,000,000 working capital facility to accommodate the planned growth. First Community’s demonstrated industry expertise and direct access to decision-makers were just a few reasons why they were selected as the lender of choice. The company reported revenue of $55,000,000 for 2010.
