Utica Leaseco completed six transactions totaling $6.8 million during the week of June 11, 2018.
Utica first funded a $650,000 lease for a tree logging company in Connecticut. The lease was secured by machinery and equipment and provided on an expedited basis. The financing was used to purchase new equipment and expand operations.
Next, Utica funded a $2.5 million loan secured by machinery and equipment for a manufacturing company in Canada and its U.S. division. The company used the capital to expand operations.
Utica then completed the funding of a $500,000 capital lease secured by heavy machinery for a Kentucky-based above-ground mining company. The working capital was used to continue operations.
Utica also funded a $450,000 capital lease secured by trucks and trailers for a logistics company located in Michigan.
Utica next funded a $1.6 million capital lease for an oil field services company with operations in Oklahoma and Texas. The funds were used to expand operations. The lease was secured by the machinery and equipment.
Finally, Utica funded a $1.1 million lease for a farm in Michigan. The lease was secured by machinery and equipment and was provided within seven days of the initial request. This brought the total funding for this customer to more than $4.5 million.
Utica provided all its financing based on collateral, not credit.