MamaMancini’s Holdings, Inc. an emerging manufacturer and marketer of specialty pre-prepared, frozen and refrigerated “all natural” food products, has secured a three-year, $1.5 million financing with FGI Finance. The company has begun to draw down on this facility, which is backed by the company’s assets including accounts receivable and inventory. Interest will be at a rate equal to the greater of 6.75 percent or 2.5 percent above prime rate on the daily net balance of funds advanced or otherwise charged to the company’s account.
Carl Wolf, Chairman and Chief Executive Officer, commented, “We are pleased to work with FGI Finance, and to close on this new line of credit. While we currently do not have a specific need, we are in discussions with several potential new, and large, accounts that would necessitate the ability to rapidly build up inventories. Having access to this additional capital affords MamaMancini’s the ability to efficiently respond to new customer orders in a timely and cost effective manner. We look forward to the continued growth of our business in 2014 and beyond.”
The company has filed a Current Report on Form 8-K related to the FGI facility with the Securities and Exchange Commission. The Form 8-K will be available on the company’s website in the investor section under SEC filings or by going to: