Mackinac Commercial Credit (MCC) provided an Illinois-based distributor of soft goods with a $3 million asset-based line of credit on its accounts receivable and inventory.
The firm had suffered some setbacks, and its existing bank had asked to exit. MCC management met the ownership team and heard its turnaround plan and found a way to meet its financial needs going forward. As the company continues its positive progression, MCC can transition the firm to a more traditional bank line of credit.
Mackinac Commercial Credit is the ABL division of mBank and provides lines of credit up to $5 million for companies in transition due to rapid growth, acquisition, recapitalization or in turnaround.