44 Business Capital Closes SBA Loan for Penn Iron Works
44 Business Capital said it closed on a $2.4 million SBA loan to Penn Iron Works, a custom plate fabricator in Wyomissing, PA.
Greg Poehlmann, 44 Business Capital president, said: “Penn Iron Works has been a very successful manufacturing firm for nearly 100 years. The recent economic downturn hurt the company as their end users put off large capital expenditures until more certain footing could be established. Penn Iron fought its way through these past few years and always honored its obligations to its bank. However, its lender wanted to exit the relationship so 44 Business Capital was able to restructure the company’s existing debt and save the company a substantial amount of cash-flow compared to their prior debt service requirements.”