New Orleans-based Thermo Credit LLC said Tuesday it has provided an undisclosed amount of funding for Circa Innovations LLC in New Orleans, which provides Wi-Fi services to apartment and condominium complexes.
Circa plans to use the money for operating cash flow and has plans to expand the business.
“Teaming up with Thermo Credit is a huge part of our expansion plan,” Circa President Stephen Hall said. “Their services will allow us to properly budget and have a better outlook on our cash flows: two things that are essential to any business.”
Thermo Credit is a privately held firm specializing in providing funds to communications companies. Thermo provides asset-based loans and accounts receivable financing. The money owed by the borrower’s customers is used as collateral in the financing agreement. This allows the borrowing company to focus on its business instead of collections.
Thermo Executive Vice President Seth Block said Circa’s services are in high demand, and Thermo’s funding will help Circa take advantage of expansion opportunities.