Tech Capital, LLC Provides $2 Million Asset-Based Loan to Gemini Duplication, Inc.
Loan will support company’s acquisition strategy and technology investments
San Jose (July 12, 2017) — Tech Capital, LLC, the asset-based finance company and wholly-owned subsidiary of Tech CU, today announced that it has originated a $2 million asset-based loan for Gemini Duplication, Inc. The company provides statewide legal document evidence retrieval for California attorneys seeking to expedite benefits in workers’ compensation claims.
The highly-fragmented niche was ripe for consolidation and a company with advanced business tactics. The company was founded in 2004 by Dan Mora. Already an industry technology leader, in 2010 Gemini began a “LEAN journey,” diligently identifying waste, improving quality and turnaround time, and ultimately capturing significant market share. As inaugural president of the trade association CWCSA, Dan worked with the California legislature, Department of Industrial Relations and Department of Workers’ Compensation to help pass a bill and regulation resulting in fixed price billing, along with new payment term guidelines. With the new legislation now in effect, payment terms have stabilized and, more importantly, payment processing speed has increased significantly.
“Our ability to adjust to the new statute and regulation has created an opportunity for industry consolidation. With our early investments in technology and LEAN business processes, we’ve been able to acquire smaller companies and integrate them easily,” said Dan Mora, Founder and CEO of Gemini Duplication, Inc. “This loan allows us to accelerate our growth by providing working capital to support our acquisition strategy and technology investment. We are in a complex niche; Tech Capital was able to understand our unique needs and worked with us to create a loan structure to meet our business requirements.”
“We worked closely with Gemini Duplication to ensure that they received a loan perfect for their circumstances,” said Joe Anzalone, Managing Director of Tech Capital, LLC. “Our relationship based approach allowed us to understand the essential elements of Dan’s business model and deliver a customized lending solution that meets Gemini’s working capital needs.”
Tech Capital, LLC began providing asset-based loans in late 2015 for companies (manufacturers, distributors and service companies) in need of revolving lines of credit for debt refinancing, equipment purchases, or as a supplement to working capital.
For more information on Tech Capital, visit: https://www.techcu.com/Business/Business-Loans-and-Lines/Tech-Capital-LLC/.
Tech CU is also a top originator and a preferred lender for SBA guaranteed loans. To learn more, visit https://www.techcu.com/Business/Business-Loans-and-Lines/SBA-Loans/ or contact Tech CU at (800) 448-1467.
ABOUT TECHNOLOGY CREDIT UNION
Tech CU (www.techcu.com) is a $2.4 billion credit union serving more than 85,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.