Pacific Mercantile extended $6.6 million in financing to Magna Transportation Group, a transportation and logistics company based in Rancho Cucamonga. The financing consists of a revolving line of credit, a non-revolving line of credit and a bridge loan.
“Our company has grown over 700% since 2014,” said Kirk Jensen, chairman of Magna Transportation Group. “With the rapid growth we have experienced, we needed a banking partner that was flexible, responsive and capable of meeting our increased borrowing needs. Pacific Mercantile has provided a level of service that we were not getting with our prior bank, and we have received valuable insight from the analysis they performed on our company.”
“Magna Transportation Group has built a broad and loyal customer base and won significant new contracts related to major projects for Stanford University and the Los Angeles Rams that provide strong visibility on their future growth,” said Mark Martinez, senior vice president and regional manager, Ontario Region of Pacific Mercantile. “We are excited to be working with the company and supporting the growth of their business.”
