HOFFMAN ESTATES, ILL.--(BUSINESS WIRE)--GE Capital Solutions, Commercial Distribution Finance (CDF) announced that it signed an agreement with IPLogic, Inc to become its new financing provider. The agreement consists of a $7 million credit line with an extended working capital option and the benefit of an additional 30 days.
"Given our significant growth, especially with large contracts which require us to make multi-million dollar purchases of equipment upfront, we selected GE Capital Solutions as our financing source. We believe GE has the experience and capabilities to structure deals for growing businesses like ours," said Ken Yanneck, President & CEO of IPLogic, Inc.
GE Capital Solutions provides financing that includes accounts receivable working capital loans, purchase order financing, inventory financing and other programs for various industries, including technology and telecommunications.
"Our team worked with Ken Yanneck and Jim Lozano, CFO to look at alternatives to the inventory financing program IPLogic, Inc had in place," said Tom Grathwohl, managing director of GE Capital Solutions' Technology unit. "From there we were able to create a flexible financing solution with long-term growth in mind."
About IPLogic, Inc.
IPLogic, Inc. delivers converged voice, data, and multimedia solutions that increase revenue, decrease cost, and maximize organizational productivity for clients. Serving medium to large organizations across the states of New York, Vermont, Massachusetts, Pennsylvania, Ohio, and West Virginia, IPLogic expertise includes voice and unified communications through traditional PBX and converged IP telephony and multimedia communications, network security, network infrastructure (LAN/WAN), mobility and wireless network solutions, multimedia solutions, managed IT and network services, data storage and protection, and training and IT staff augmentation solutions. We empower clients to Connect, Communicate, and Compete -- Better™. For more information, visit www.iplogic.com.
About Commercial Distribution Finance
GE Capital Solutions Commercial Distribution Finance is a leading provider of specialized financing products and services for various industries. Offerings include inventory financing, accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. Additional information about CDF can be found online at www.ge.com/cdf.
GE Capital Solutions provides leasing, lending and capital investment products and services to help business customers grow. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
Beth Revers