Daily News: July 14, 2014

Siena Closes ABL for Progressive Products

Siena Lending Group announced completion of a three-year, $1.5 million asset-based revolving credit facility for Progressive Products.

Proceeds were used in conjunction with an SBA loan provided by a nationally chartered bank to allow Progressive Products to pay down higher priced debt and support the company’s working capital requirements going forward.

Rye Brook, NY-headquartered Progressive Products distributes wet wipe products that service a wide variety of customers and end markets through its WipesPlus product line.