Daily News: July 18, 2012

Ridgestone Provides $2.4MM SBA Funding to Integrated Recycling

Ridgestone Bank said it extended $2.45 million in SBA 7(a) loans to Integrated Recycling Technologies to allow for the refinance of real estate and equipment. The deals resulted in a savings of several hundred thousand dollars when the refinancing was completed and improved future annual cash flow of the company.

“Working with Ridgestone Bank has been a very refreshing experience for IRT,” said Steve Budd, CEO of Integrated Recycling Technologies. “After talking with several banks over the years, Ridgestone’s team of people knew exactly the right questions to ask about our business and quickly understood the issues we faced. They were able to accomplish our goals in a very short timeframe, saving IRT a considerable amount of money.”

Integrated Recycling Technologies is a Minnesota-based company that specializes in the recycling of catalytic converters, precious metals, electronic scrap and non-ferrous metals.

Ridgestone Bank is a privately held bank with branches in Brookfield, WI and Schaumburg, IL.