Praesidian Capital, a provider of mezzanine capital for small and mid-sized companies, has committed $4m of senior secured debt to Bridge Capital Solutions Corporation, a Long Island-based licensed commercial check casher.
Bridge Capital provides liquidity to local businesses to fund working capital needs by bridging the gap between customers’ payments and the availability of those funds.
Commenting on the financing, Bridge Capital Co-founder Mike Casalini was reported as saying: “Bridge Capital’s prospects for continued growth are very exciting, and with Praesidian as our partner we now have the long-term capital structure to facilitate our growth plan”.
In the past three months, New York City-based Praesidian has announced investments in three businesses. In addition to Bridge Capital, the firm has invested in EmpireCLS Worldwide Chauffeured Services, a provider of limousine and chauffeured transportation services, and made a follow on investment in Epic Production Technologies, a provider of lighting systems for concert tours, theatrical productions, and corporate and special events.