Chicago, IL October 7, 2019 – Encina Business Credit, LLC (EBC) announced today that it has provided a $25 million senior secured credit facility to a pharmaceutical company. The company is focused on developing, manufacturing, and commercializing its three patented products, which aim to treat ADHD. This facility consists of a revolving line of credit based on accounts receivable. The loan proceeds will be used to provide financing for growth, R&D and working capital. Dave Braff, Managing Director at Encina, said, “The company was looking for a lender willing to finance a cash burn situation and to provide availability against both inventory and concentrated receivables under extended terms. EBC stepped up and developed a flexible structure that was unmatched by traditional banks and non-bank lenders.”
Launched in 2016, EBC is one of the country’s top independent asset-based lending platforms that provides financing to middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $10-100 million that are secured by collateral such as accounts receivable, inventory, equipment or real estate. Encina lends to both privately-owned and publicly traded companies across a range of industries including manufacturing, retail, automotive, oil & gas, services, distribution and consumer products.