Innovative Food Holdings, Inc. Announces $4.7 million of Additional Loan Financing
June 16, 2023 at 09:00 am EDT
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Innovative Food Holdings, Inc. announced that it has received approval from the U.S. Department of Agriculture's Business & Industry Program (the USDA B&I Program) of an 80% loan guarantee on the Company's existing loans with MapleMark Bank. The USDA Guarantee enabled the refinancing of the company's existing term loans with Maple Mark, extending the terms to 10 and 25 years respectively and provided IVFH access to additional commercial borrowing capacity. From a financial perspective, June 16, 2023 announcement enabled IVFH to reclassify $5.4 million of current liabilities to non-current liabilities, gain access to $1.3 million of additional infrastructure capital, add $1 million in additional revolver capacity, and increase its working capital by $2.4 million. The Company's credit facility was offered through MapleMark Bank, and Oak Hill Securities advised IVFH on the transaction.
Innovative Food Holdings, Inc. provides specialty foods primarily to both Professional Chefs and Home Gourmets through its relationships with producers, growers, makers and distributors of these products. The distribution of its products primarily originates from three unified warehouses and drop ship partners and is driven by its proprietary technology platform. In addition, the Company provide value-added services through its team of food specialists and Chef Advisors offering customer support, menu ideas, and preparation guidance. It distributes over 7,000 perishable and specialty food and food related products, including origin-specific seafood, domestic and imported meats, exotic game and poultry, artisanal cheeses, freshly prepared meals, caviar, wild and cultivated mushrooms, micro-greens, organic farmed and manufactured food products, estate-bottled olive oils and aged vinegars and curated food gift baskets, gift boxes and a full of line of food subscription-based offerings.
INNOVATIVE FOOD HOLDINGS, INC. 
