Bridge Bank announced that its Capital Finance Group has issued a $10 million asset-based line of credit to Shippabo, a cloud-based supply chain-management platform serving the shipping and logistics industries.
Shippabo, based in Los Angeles, will use the asset-based line of credit to support working capital needs and finance its growth. Shippabo is a logistics technology company that has developed an online freight management application that helps import and export companies control their shipping process. It partners with domestic and overseas logistics companies such as carriers, freight forwarders, customs clearing operators, freight warehouses and trucking and drayage companies. The company’s clients include QVC, Cornerstone Brands, Golf Gift Gallery and JR286.
“Bridge Bank is pleased to support a wide range of tech and innovation companies nationwide with customized financing and banking solutions,” said Roger Klarmann, senior vice president at Bridge Bank. “Shippabo is precisely the kind of innovative company Bridge Bank takes pride in working with.”
“We are proud to work with such a knowledgeable team of bankers at Bridge Bank,” said Nina Luu, chief executive officer at Shippabo. “Their expertise in working with growing innovative companies like ours provides us with an additional level of confidence.”
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The Capital Finance Group at Bridge Bank offers a range of asset-based and factoring solutions, including accounts receivable, inventory and invoice financing, to provide lines of credit and working capital. The group’s expertise supports companies in manufacturing, professional services, retail, technology and more that are experiencing unusual market conditions that might hamper their ability to adhere to traditional covenants and credit structures.
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