GunBroker.com Closes Financing with Bank of America
ATLANTA -- GunBroker.com the world's largest online auction site and community for firearms, accessories and hunting supplies, today announced it has closed $7 million in debt financing with Bank of America.
The new financing, which is comprised of a three-year term loan and a revolving credit facility, is the first permanent outside capital ever secured by GunBroker.com in its 10-year history. GunBroker.com, founded in 1999 by Atlanta entrepreneur Steve Urvan, had previously used founders capital and internally generated funds to become amongst the top 5 most-visited auction sites on the internet.
The new capital will be used to provide additional liquidity for GunBroker.com to continue expanding its technology platform, pursue value added services and content for its large growing community, and explore new business opportunities which leverage its core assets.
In these difficult economic times it was a pleasure to expand our current relationship with Bank of America, who already provides a variety of cash and credit card services to GunBroker.com, to a new level of partnership said Urvan who serves as GunBroker Chairman and CEO.
Quantcast ranks GunBroker.com within the top 1,000 web sites of any kind.