Salem Five Bank, a full-service financial services organization with over $8B in assets, provided an asset-based revolving line of credit facility to a precision manufacturing company in Massachusetts. This financial package was designed to support sales growth and position the 50+ year-old company for continued success.
This is another deal that the newly-formed Business Credit team has secured since its inception this summer. Michael Richardson, VP, Salem Five Business Credit, states: “We are thrilled to announce this new relationship backing a homegrown manufacturer. This financing strengthens their ability to invest, expand, and compete in our community.”