Gibraltar Business Capital recently closed a new $1.5MM asset-based credit facility for Cast Technologies, an aluminum and brass castings foundry based in Peoria, Ill. The third-generation family-owned business was founded in 1887 and has evolved with the industry, laying claim to being one of the first foundries to successfully pour low-leaded brass castings, a major accomplishment in 1935 that remains impressive to this day. The cyclical business nature of some of its largest clients had impacted Cast Technologies revenues in recent years, putting a dent in cash flow. However, a new customer represented a significant business opportunity and the company needed additional working capital to ramp up production of castings. Gibraltar Business Capital tapped Cast Technologies’ inventory as collateral for the $1.5MM ABL that provided the foundry with capital to put it back on track to flourish for another 130 years.
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