Needham Bank delivered a $6.5 million asset-based revolving credit facility to Byrna Technologies, a Massachusetts-based manufacturer of non-lethal self-defense security equipment.
The new loan provides Byrna with up to $5 million for general corporate purposes and working capital. In addition to the $5 million revolving line of credit, Needham also provided the company with a $1.5 million equipment line.
“Our new credit facility gives us the financial flexibility to meet the strong demand for our flagship product, the Byrna HD, continue to invest in new product innovation, and expand our marketing and branding initiatives. We view our ability to acquire a new credit facility as indicative of the confidence our creditors have in the company, management team and future growth strategy,” Bryan Ganz, CEO of Byrna, said.
