US boutique financer Capital Business Credit (CBC) will lend up to $500mn to small and medium-sized US businesses under its new manufacturing programme.
US manufacturing accounts for 11% of the GDP and contributes to 13.5% of private sector jobs.
However, the current lending environment is severely limiting manufacturers’ access to capital and credit, CBC says.
“Businesses are coming to us, wanting to hire, buy new equipment and ultimately expand their companies, but they aren’t receiving the financial support from their banks to execute. CBC recognises this as an opportunity to support businesses that want to buy, build and hire in the US,” says Marc Adelson, CBC’s president and CEO.
Adelson continues: “With an experienced asset-based lending and factoring team, CBC can look beyond a company’s balance sheet and evaluate a company’s business model, management team and its potential for growth to determine the right financial product to meet their needs.”
The programme will support companies that manufacture durable goods, such as food products, paper and textiles, apparel, accessories and home furnishings, and non-durable goods like machinery, electrical equipment and automobiles, as well as green technologies.