Daily News: June 19, 2014

Mackinac Funds ABL Line for MI-Based Manufacturer

Mackinac Commercial Credit said it funded a $2.5 million ABL line of credit for a MI-based manufacturer of polyethylene products.

Mackinac said the company had expanded sales rapidly with mixed bottom line results. The firm’s bank became uncomfortable with the growth and was reluctant to expand their credit line.

Mackinac said it was called in and met with management and reviewed their facility and projections. By leveraging the accounts receivable, inventory and equipment within a borrowing base, Mackinac was able to pay off the bank and provide the firm with extra availability to help them fund their growth and complete the turnaround of their operations.