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New York | December 2009
Licensed Commercial Check Casher Serving Small Businesses in Long Island
Praesidian Capital, a leading provider of mezzanine capital for small and mid-sized companies, has committed $4 million of senior secured debt to Bridge Capital Solutions Corporation, Long Island’s premier licensed commercial check casher.
Bridge Capital provides liquidity to local Long Island businesses to fund working capital needs. The Company offers a highly desirable service to businesses by bridging the gap between customers’ payments and the availability of those funds.
“Banks have been scaling back credit and services provided to small businesses, which has only been exacerbated by the recent financial crisis,” said Jason Drattell, Managing Partner at Praesidian. “Bridge Capital allows businesses to more efficiently manage their working capital.” “As small business owners, we know first-hand how important an efficient and trustworthy commercial check cashing service is to the local economy,” said Bridge Capital Co-founder Mike Casalini. “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.”
Praesidian has announced investments in three businesses in the past three months. 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.
About Praesidian Capital Investors
Praesidian Capital partners with small and mid-sized businesses, providing private debt capital. With a focus on its core competency in mezzanine financing, Praesidian invests in established, historically profitable companies often in connection with a management/leveraged buyout, recapitalization or refinancing. Based in New York City, Praesidian manages over $400 million in committed capital. For more information, visit www.praesidian.com.
Bridge Capital Solutions Corp.
Bridge Capital Solutions Corp. is a licensed Commercial/Business Check Casher under the New York State Banking Department. Bridge Capital bridges the gap between customers’ payments to a business entity and the availability of those funds, providing immediate working capital for businesses. Bridge Capital is based in Hauppauge, NY. For more information, visit www.bridgecapitalsolutionscorp.com.
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