An Equity Line Facility (ELF) is a financing structure which provides the issuer with the right (but no obligation) to "draw down" on a pre-determined amount of capital committed by an investor over a specified time period (typically 24-36 months). The issuer draws down on the ELF by making periodic sales of its securities (typically common stock) to the Investor at a pre-negotiated discount. Once a draw is “completed” (typically over 5-10 days), funds are then transferred to the issuer. The process may then be repeated pursuant to the terms of the ELF agreement. There are typically no; minimum draw requirements, termination fees, or restrictions on other financings making the ELF a most flexible financing alternative.

For over ten years, Dutchess has been a market leader in structuring ELFs (number of transactions and total dollar volume).The ELF (or similar variations) is now prevalent in capital markets throughout North America, Europe, Asia and Australia.