The Situation

With an unconventional idea, a limited capital base and initial, high shipping costs, Ultra Green’s owners faced steep challenges when they were introduced to Teneca. The founders were in the midst of a difficult equity raise targeting accredited investors throughout the country, but at the same time short term credit was required before the company could demonstrate enough viability to move forward with its fundraising.

The Transaction

Teneca arranged a revolving line of credit at a major bank that allowed the company to import-export products necessary to facilitate overseas manufacturing and shipment back to the United States.

The Result

The early debt capital arranged by Teneca enabled Ultra Green to initiate manufacturing in China, finance the rollout of the original product line and position the company for its eventual move to stateside production and product line expansion.

Ultra Green was selected as a nominee for Minnesota Business Magazine’s 2013 Manufacturing Awards in the Sustainability and Emerging Player categories.