Purchasing Power LLC has closed a new $40 million credit facility with Bank of America Business Capital, which will allow the Atlanta-based business to continue expansion and increase its offerings to consumers. The facility contains a $20 million accordion feature that enables it to grow to $60 million over the next three years. Additionally, the structure of the deal will allow Purchasing Power to reduce their total borrowing costs and streamline other transactional processes.
Founded in 2001, Purchasing Power is the premier employee purchase program that helps consumers purchase name-brand products such as computers, electronics and home appliances through payroll deduction.
“Our new credit facility with Bank of America Business Capital will enable Purchasing Power to expand our business more aggressively and round out our current product platform,” said Richard Carrano, Purchasing Power president and chief financial officer. “We look forward to the opportunities that lie ahead as we execute our vision for future growth.”
Despite a lackluster economy, Purchasing Power grew revenue by 50% in 2008 and expects to grow revenue by another 30% in 2009. And since 2003, the company has generated over $250 million in total revenue. Additionally, the workforce has more than doubled since 2006, from 47 to 106 employees.
“We are pleased to work with Purchasing Power, one of Atlanta’s fastest-growing private companies and to provide them with the additional flexibility and funding needed to support their expanding business,” said John Mostofi, Bank of America Business Capital’s West Division Executive.
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