NewswireToday - /newswire/ -
Hoffman Estates, IL, United States, 2011/12/06 - GE Capital is providing a $20 million facility for Govplace, a Reston, VA-based provider of enterprise information technology (IT) solutions to public sector clients (NYSE: GE) - Govplace.com / GECapital.com. NYSE: GE
GE Capital’s Commercial Distribution Finance (CDF) business today announced a $20 million facility for Govplace, a Reston, VA-based provider of enterprise information technology (IT) solutions to public sector clients.
This new facility will help Govplace accommodate the needs of its customers by providing a credit line that increases to accommodate federal business orders in the peak months of September and October, the ability to source product directly from a wider variety of manufacturers, and short-term accounts receivable (STAR) funding for handling existing large federal contracts without impacting its existing line of credit, thereby enabling them to better compete for new contracts.
"We worked closely with Govplace to provide the company with a line of credit that was flexible," said Tom Grathwohl, managing director of CDF’s technology, electronics and appliances group. "The new facility will help our client meet the demands of its customers while becoming more competitive as a government contractor."
A GE Capital customer since 2005, Govplace has successfully grown from its initial credit line of $1 million.
"We are very excited about the future of Govplace, and the potential of this new credit facility," said Adam Robinson, CEO of Govplace. "We have been experiencing double-digit growth per year since 2006. This line of credit will help facilitate our continued expansion. GE Capital really understands our business and how to help us take it to the next level. We are grateful to have them as a partner."
Govplace (govplace.com) designs, deploys and manages enterprise IT solutions for the public sector, including governments and educational institutions. Headquartered in Reston, VA, Govplace has been in business for more than 14 years.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance lent more than $30 billion to 30,000 manufacturers and their distributors across the Americas in 2010. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. For more information, visit americas.gecapital.com or follow company news via Twitter (@GEInventoryFin).
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. Follow company news via Twitter (@GECapital).
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Lisa Tibbitts - GE Capital, Americas
P: +1.203.956.4582 / M: +1.203.803.6142 - E: lisa.tibbitts[.]ge.com.