eCapital Drives Turnaround with $3MM Factoring Facility for Canadian Mining Services Consortium Amidst Receivership
MIAMI – July 11, 2024 – eCapital Corp. (“eCapital”), a leading tech-enabled finance provider for middle-market businesses in North America and the U.K., has successfully facilitated a $3 million confidential factoring line of credit for a consortium of companies providing critical services to the mining sector across Canada. This strategic financing initiative highlights eCapital’s expertise in supporting businesses in turnaround and recovery.
In receivership, the consortium faced financial setbacks related to internal challenges and recently strengthened its operations with a new finance team. A trusted banking partner recommended eCapital to structure a deal to align with their evolving needs. This flexible funding solution solves their immediate cash flow pressure and plays a pivotal role in supporting their turnaround efforts.
Tom Siska, SVP, Commercial Finance at eCapital, emphasized the expertise required in receivership scenarios. "This transaction demonstrates our capability to manage complex financial circumstances," said Siska. "We successfully collaborated with the consortium’s new finance team, their banking partners, and the trustee to stabilize operations and facilitate a successful turnaround."
"This client provides critical services to the mining industry, primarily focusing on nickel extraction, a key element for EV batteries," Siska continued. "We customized a financial structure that not only allowed them to exit from receivership but positions them for future growth and recovery. This deal showcases our team's dedication and persistence in supporting the client."
"We are proud to play a significant role in their evolution toward stability and growth," Siska concluded.
About eCapital Corp
eCapital is committed to accelerating access to capital for companies in the United States, Canada, and the United Kingdom. By leveraging a team of over 700 experts and proprietary, industry-leading technology, eCapital is creating the future of business funding. With a full suite of products such as freight factoring, invoice factoring, healthcare receivables financing, asset-based lending, payroll funding, and equipment refinancing, eCapital ensures that businesses have the funds they need to do more. Through its Healthcare, Transportation, Staffing, Consumer Goods, Factoring, and ABL divisions, eCapital delivers customized funding solutions for over 80 industries. To learn more about eCapital, visit eCapital.com.