Daily News: September 13, 2016

Marquette Funds $14.1MM Facility to WireTech

Marquette Business Credit funded a $14.1 million credit facility to commercial and industrial steel wire and bar supplier WireTech.

The secured facility consists of a $12 million revolving line of credit and an additional $2.1 million in inventory and equipment term loans.

Commerce, CA-based WireTech will use the funds for working capital to refinance existing debt and to meet growth expectations.

“WireTech has had a long relationship with Marquette for over 10 years. We are happy to continue the relationship,” said William Hillpot, WireTech president.

Marquette Business Credit provides asset-based loans up to $25 million to middle market companies throughout the U.S.