Sterling Consolidated Corp., supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, and creator of the blockchain-based DiMO Token, today shared news regarding its financing activities.

The company announced it has secured a $2.5 million loan with New York City asset-based lender, Access Capital Inc. The loan calls for capital availability of $2.5 million based on a formulaic review and analysis of the company’s accounts receivable and inventory. As part of the loan agreement, the company paid in full its existing mortgage of $1,061,131 and its line of credit of $832,297 currently held by a New York commercial bank.

“This is another crucial next step in our expansion plans,” said company CEO Darren DeRosa. “In signing this loan agreement, we will not be subject to the restrictive net income covenants of a commercial bank and it frees up additional capital to align with our growth and acquisition plan.”