Mackinac Commercial Credit provided $3.06 million in credit facilities to an Illinois-based manufacturer of safety storage facilities.
The company received a $1.75 million asset-based line of credit on its accounts receivable and inventory and a $1.31 million term loan from Mackinac Commercial Credit last month.
The firm had suffered some setbacks and its long time existing bank had asked it to exit. MCC management met the ownership team and heard its turnaround plan and found a way to meet the company’s financial needs going forward. MCC will eventually transition the firm to a more traditional bank line of credit.
Mackinac Commercial Credit is the ABL Division of Michigan-based mBank and provides lines of credit up to $5 million for companies in transition due to rapid growth, acquisition, recapitalization, or a turnaround.