Janel World Trade, Ltd. (JLWT.OB), a global provider of integrated logistics and environmental services, including freight forwarding via multi-modal carriers, end-to-end, supply-chain technology, customs brokerage, warehousing and distribution, recently announced that the company has secured a $3.5M revolving line of credit with Community National Bank. This credit facility will provide the company with increased financial flexibility and capacity for future growth and profitability.
This new credit facility provides more favorable terms and an interest rate that supports the company’s strategy for growth and continued focus on enhanced profitability. The credit line with Community National Bank is for a one-year term and is guaranteed by the company, its subsidiaries and James N. Jannello, executive vice president and chief executive officer.
The $3.5M revolving line of credit replaces the term loan with JPMorgan Chase Bank, N.A. and eliminates the required monthly installments under the term loan. In addition, the Company can borrow the lesser of $3.5M or 80 percent of the company’s aggregate outstanding eligible accounts receivable which were not available with Chase.
Philip Dubato, executive vice president of finance for Janel World Trade, stated, “This new credit facility provides us with the additional borrowing capacity we need and is the first step toward further growth and expansion of our core business and support’s our corporate objective of becoming a rapidly growing, highly competitive and profitable global company.”
For additional information, please visit www.janelgroup.net
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