mBank Business Credit financed a $6 million line of credit for a distributor/logistics firm based in Ohio.
_x000D_
The firm was looking for a new lender as they were considered too small for the major bank they dealt with. Its business model was in transition and the size of the lending requirement had fallen to the point their existing bank was not interested in the relationship.
mBank senior management personally visited the client, reviewed the firm’s plans and met with all management. mBank then presented the company with a customized financial package that met their needs.
The loan closed in the first quarter of 2019.
mBank Business Credit is the asset-based lending division of mBank and provides lines of credit of up to $10 million for companies in transition due to rapid growth, acquisition, recapitalization or turnaround.
Headquartered in Manistique, Michigan, mBank is the principal subsidiary of Mackinac Financial.
