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Siena Lending Closes $3MM Credit Facility for The Smedley Company

January 12, 2015, 07:53 AM
Filed Under: Rental

Siena Lending Group LLC  (‘Siena”) announced the completion of a $3.0 million revolving credit facility for The Smedley Company (“Smedley”). The facility was used to refinance Smedley’s existing credit facility and will be used for working capital needs.

Headquartered in Branford, CT, Smedley was established in 1860 and has been under the present ownership of the Palmer family for the past four generations. Smedley is engaged in heavy hauling, rigging, and crane rentals to a customer base in New England and New York. 

David Grende, President and CEO of Siena Lending Group, said, “We are excited to be able to provide financing to a company that has such firm roots in the New England area and to be associated with such a fine family.”

Thomas Demchak, CFO of Smedley, said, “Billy Palmer and I really appreciate the effort and professionalism demonstrated by Siena in closing this transaction. We both believe this transaction is a key cornerstone to the future success of The Smedley Company.”

Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $25 million to small-and middle-market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.

Siena’s independence as a finance company allows innovative & flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities.

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