InterNex Capital, an asset-based digital lender, provided a $1.8 million revolving credit facility to Horizon Express and Horizon Logistics.
The facility is being used to refinance existing debt and provide the business with additional liquidity. With the additional liquidity, Horizon Express and Horizon Logistics purchased new trucks and hired additional employees.
“One of the main reasons a trucking company fails is undercapitalization. As the owner of Horizon Express, Inc. and Horizon Logistics, Inc., it is my number one goal to pay my drivers and employees weekly. Maintenance, tires and fuel continue to burn, whether your customers pay you on time or not. In an industry where the net terms are 30 days or longer, you need a strong financial partner to meet the demand. I couldn’t be more excited to work with InterNex Capital. When everyone else turned their backs, InterNex stepped in and gave us the funding we needed to grow. Being up 28% YTD over last year would not have been possible without our partnership with InterNex Capital,” said Shad Klinge, president, Horizon Express and Horizon Logistics.
“We are very excited to work with Shad to help him expand his business. We have seen an increased need for funding within this sector and we look forward to assisting many other companies in the trucking industry. Our customer portal is designed to solve short-term working capital needs while providing businesses with an easy-to-use solution that also provides the data and analytics they need to effectively expand,” said Matthew Gillman, managing director of Sales, InterNex Capital.
InterNex Capital provides revolving lines of credit up to $5 million to solve working capital needs for small and medium sized B2B businesses.
A choice of law clause in a commercial contract chosen by the parties is generally enforced. In Nedlloyd Lines B.V. v. Superior Court,1 the California Supreme Court concluded that choice of law provisions in a parties contract were enforceable. This... read more
Do you remember where were you on April 10, 2015? If that date doesn’t ring any bells, here’s a reminder: That was the day Jeff Immelt, chairman and CEO of General Electric, announced that GE would be selling off most... read more