Gibraltar Business Capital, a leading commercial finance company that provides small- to medium-sized businesses with flexible capital alternatives announced today that it has closed a revolving line of credit for EcoSMART Technologies, Inc., the leading provider of safe pesticide solutions in the U.S. and abroad. The working capital financing will be earmarked for operations, sales and marketing efforts in support of the company’s ongoing organic growth, and will help to leverage millions of dollars already invested in the business by major clean tech and green tech venture capital firms, including Element Partners and Rockport Capital Partners, among others.
Gibraltar Business Capital offers asset-based lending solutions as alternatives to commercial bank loans. Working in close collaboration with EcoSMART management, Gibraltar was able to execute the line of credit in an expedited time frame and without the typical restrictions often required by traditional lenders. The term of this facility is for a two-year period, which helps EcoSMART better plan for its ongoing growth and financing needs.
“We are very pleased to have the support and commitment of Gibraltar Business Capital,” said Evan Rogoff, Chief Financial Officer. “The Gibraltar Business Capital team is practical, methodical and took the time to truly understand our business and unique operating environment. They have delivered a tailored solution that provides EcoSMART the financial flexibility to address significant seasonality inherent in our business, and the ability to respond to varying market conditions.”
“We take great satisfaction in being able to support the strategic financing needs of EcoSMART, a unique green tech company recognized for its safe, all natural pesticide solutions,” said Darren Latimer, CEO Gibraltar Business Capital. “As a forward thinking enterprise, and a trusted name in the industry, EcoSMART is poised for continued success delivering products relied upon by both commercial businesses and consumers.”
About Gibraltar Business Capital
Headquartered in Chicago, Gibraltar Business Capital is a privately held middle-market lender providing small- to medium-sized business owners fresh and accessible capital alternatives to a commercial bank loan. With fast, flexible asset-based lending and factoring solutions, Gibraltar delivers lines of credit and specialized funding that allow enterprise to meet their business objectives. Building on its 60-year history, Gibraltar Business Capital is a multifaceted company strategically positioned with the portfolio, infrastructure, personnel and resources to support its clients nationwide. For more information visit www.gibraltarbc.com.
About EcoSMART Technologies
EcoSMART Technologies is the world leader in proprietary pesticide products derived from natural plant oils. The active ingredients in EcoSMART’s products are unique, synergistic blends of essential oils, many of which are classified GRAS (generally recognized as safe) by the U.S. Food and Drug Administration and approved as direct food additives. EcoSMART Technologies is the first company to economically enable a realistic shift from synthetic to botanical pesticides in the residential, commercial, industrial and agricultural markets. For more information, visit www.ecosmart.com.
For Gibraltar Business Capital:
Roberta Tsang│Roberta Tsang Public Relations
For EcoSMART Technologies:
Jeffrey Avison, Vice President of EcoSMART