Utica Leaseco completed two transactions totaling $1 million during the week of July 9, 2018.
Utica first completed the funding of a $500,000 capital lease secured by machinery and equipment for a custom wood furniture company. The funds were used for working capital to expand operations.
Utica also provided a $500,000 lease secured by machinery and equipment for a farm located in Michigan. Utica delivered the needed financing within three days of the initial request, bringing the total funding for this customer to over $5.5 million.
Utica provided financing based on collateral, not credit.