Daily News: December 10, 2014

MCC Closes Two Loans in Early December

A Michigan-based legal support services company obtained a $2 million asset-based credit line from MCC to support dramatic sales growth. The firm’s community bank could not keep up with the rapid growth rate that this dynamic company is experiencing. A trusted advisor called MCC into the deal and after an assessment of management and the collateral a new loan was put in place in three weeks that paid off the bank and provided needed liquidity to allow the firm to continue its growth.

In addition, an Ohio-based commodity products distributor obtained a $1 million asset-based line of credit from MCC in need of a more flexible lending solution. The incumbent lender was only interested in factoring their accounts. MCC stepped in quickly and offered them a revolving asset based loan on their accounts receivable. The loan funded 8 days after the field audit was completed.