Daily News: September 28, 2017

MB Business Capital Provides $7.5MM Facility for Salem Steel

MB Business Capital provided a new $7.5 million senior credit facility to Paramus, NJ-based Salem Steel.

Salem Steel is an importer and master distributor of precision steel tubes serving a wide range of end markets, including automotive, heavy machinery, energy and mining, to customers throughout North America.

MB’s credit facility will be used to fund working capital needs.

“MB Business Capital understands the metal industry and the challenges a metal distributor faces in the market today. With over 20% of our portfolio in the metal industry, we understand and appreciate the challenges of increasing sales and cash flow. We welcome Salem and look forward to a long and successful relationship,” said Michael Sharkey, president of MB Business Capital.