Wintrust Business Credit closed an asset-based lending (ABL) line of credit for SmithFoods, a Midwest-based manufacturer of dairy products.
After a divestiture that reshaped the company’s focus, SmithFoods was looking for the right banking partner as it faced meaningful growth in some of its core product lines. Wintrust Business Credit was introduced to the company by another bank and worked collaboratively with the management team to provide a structure that maximized access to capital and minimized borrowing costs.
“We are proud of our reputation of partnering with our clients, and the SmithFoods relationship is another great example of Wintrust’s commitment to providing value to an industry-leading organization,” Joseph Panico said. “We’re grateful to have earned the trust of the fantastic management team at SmithFoods and look forward to supporting them into the future. Receiving this referral from another bank is a testament to how we treat our customers.”
“Wintrust worked with us for more than seven months to build a solution that allowed us to capitalize on growth opportunities in our business,” Scott Smith, chief financial officer of SmithFoods. “Working with bankers who are open, honest, and realistic allowed for a very smooth closing process.”
