Nortech Systems, a provider of full-service electronics manufacturing services based in Minnesota, closed a new credit facility of up to $21 million with Bank of America Merrill Lynch with an additional $20 million accordion feature.

“This important agreement is an endorsement of the corporate strategies we outlined at last month’s annual shareholder meeting,” said Rich Wasielewski, Nortech Systems’ president and CEO. “As we have expanded globally to serve larger multinational customers, we are pleased to be working with a world leader like Bank of America Merrill Lynch. They are well-qualified to serve our financial needs through their U.S. and international treasury services.”

Additional features of the new line of credit include lower costs and the ability to utilize the accordion feature to expand the credit facility, subject to further conditions, to fund research and development activities and potential strategic acquisitions.

“We’re committed to helping our customers succeed by providing competitive solutions through our highly skilled personnel and specialized engineering resources,” Wasielewski said. “We look forward to the guidance and support Bank of America Merrill Lynch will provide to help us grow Nortech for the benefit of our shareholders, employees and customers.”