Johnson Publishing Co., the Chicago-based publisher that owns Ebony and Jet magazines, said it arranged new financing through a firm that specializes in “alternative” lending, or loans that traditional banks don’t provide because they’re too risky.
In a news release, Johnson Chairman Linda Johnson Rice said the new financing from Gibraltar Business Capital LLC will allow the company to “execute our strategic goals, strengthen our brands and lead to future growth.” She wasn’t immediately available for comment.
Companies typically turn to Northbrook-based Gibraltar for financing that acts as a “bridge to financial stability,” the firm said in the Johnson release.
“Banks can’t lend to customers that are in transition” because federal requirements preclude them from taking on certain risks, Gibraltar CEO Darren Latimer said. “Our capital can match (business) plans differently than a bank can. We can take on more risk.”
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