US salads-to-soup maker Vaughan Foods has closed on a revolving line of credit of US$3m with Peninsula Bank Business Funding.

Around $1m of the proceeds of the facility will be used to retire Vaughan’s former revolving credit facility with International Bank of Commerce, the company said yesterday (18 March).

Chairman, and CEO, Herb Grimes said: “The strength of our asset base allowed us to refinance our revolver amidst an extremely challenging credit environment. We are very appreciative of the job done by Peninsula Bank Business Funding to provide this facility at a time when most other lenders are generally unwilling or unable to provide any financing to even the most creditworthy companies.

Mike Hansen, executive vice president of Peninsula Bank Business Funding added: “Seasoned senior management, a sound underlying business model and solid sales growth were key considerations in our decision to work with Vaughan Foods in establishing a new revolving line of credit.”