West Palm Beach, FL, September, 2011 – The Comvest Group, through its debt fund, Comvest Capital II L.P., has agreed to provide $20 million in debt financing to Merchant Cash and Capital, LLC (“MCC”), one of the nation’s leading “merchant cash advance” funding companies. The financing will allow MCC to create new and innovative programs, better serve existing customers and aggressively market its services to grow its already burgeoning business.
“Like the businesses we finance, we need resources to develop more programs and services for our customers and that’s exactly what this new financing will allow us to do,” said MCC CEO Stephen Sheinbaum. “We help businesses by providing capital and cash-flow flexibility for them to grow and manage their business. With our new funding, we can market ourselves more aggressively, make our web site more compatible and interactive to address the needs of our customers and take on substantially more business.”
“The continuation of tight credit markets leaves merchants scrambling for working capital and we see MCC well positioned to respond to the needs of the small business marketplace,” said Managing Director Greg Reynolds of Comvest Capital. “We have experience in this space and are impressed with the programs and services MCC already has in place – with additional resources they can be even more active in attracting small businesses with a need for cash. We’re excited to be working with them.”
About MCC:
Merchant Cash and Capital, LLC (“MCC”) headquartered in New York, N.Y., provides businesses with a unique type of funding that avoids the hassles often associated with traditional lenders. MCC “buys” a small, fixed percentage of future credit card revenues and advances that money up front. Businesses can use the money as they see fit; for inventory, marketing, expansion, renovation or simply working capital. Once the capital is available, MCC begins to collect a small, agreed upon percentage of daily credit card sales until the agreement is completely met. There is no check writing and no risk of late fees as the processing bank will automatically transfer funds electronically the way it does with current credit card batches. For more information about Merchant Cash & Capital and all of its small business funding programs, please visit www.merchantcashandcaptial.com.
About Comvest:
The Comvest Group is a private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. For more information, please visit www.comvest.com.