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SAN FRANCISCO, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Business Capital structured and delivered a $16.5MM project finance loan for Naumes, Inc., a family-owned operation that has been growing, packing, storing and selling tree fruit for over seven decades to domestic and international markets. Naumes, known especially for their pears, owns and operates over 3,000 acres of tree fruit orchards, several development properties, nine cold storage warehouses and a packing house in the western US. Customers include large retail chains such as Walmart, Costco, Sam’s Club and their sub-suppliers, as well as brokers, wholesalers and other commercial outlets. This financing facility was secured with property and will supply ample working capital to develop new revenue channels, insulate the company from seasonality, and continue to drive profits and growth.
“The entire team at Business Capital were excellent partners of Naumes, Inc., providing us with several financing options and helping us navigate a complex financing transaction,” said company owner, Mike Naumes. “BizCap’s rigor, discipline and experience enabled us to secure a new lending relationship, with a valuable partner.”
As a leader in commercial finance, Business Capital (BizCap ®) specializes in securing customized non-dilutive credit based solutions for rapidly growing as well as challenged middle market companies nationwide who require a unique, timely and tailored financing structure to address their particular needs, especially when conventional sources of capital are not an option.
“Our team of credit experts collaborated with the Naumes Family to understand the firm’s goals and secure the necessary liquidity for them to manage growth,” said Chuck Doyle.
Naumes is committed to providing best-in-class fruit and produce to its customers and the resources provided by BizCap will ensure both the company and its customers continue to be well served.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1235ee9b-f1e1-44b4-9e09-74ac2fb268be