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Siena Lending Closes $6.5MM Credit Facility for MIMC

July 19, 2016, 07:42 AM
Filed Under: Recycling

Siena Lending Group announced the completion of a three-year $6.5 million asset-based revolving and term loan credit facility for Midwest Industrial Metals Corporation (“MIMC”) to refinance their existing senior debt and to provide additional working capital for the business. Located in Northlake, IL, Midwest Industrial Metals is one of the largest and most prolific non-ferrous recyclers in the country. With over 30 years of experience and an international network of partners, MIMC has built a sterling reputation for their fast, reliable and professional service.

Steve Cadkin, CEO of MIMC said, “Siena did a fantastic job putting together this deal and their entire organization was extremely professional and courteous. We look forward to a building our relationship and helping each other’s organizations grow.”

Nick Payne, Senior Vice President of Siena Lending Group, said, “It was a pleasure working with Steve and his team to close this credit facility for MIMC. We have been very impressed by their entire organization and look forward to assisting them in achieving their goals. With the help of Steve and his team, we were able to work quickly to meet the tight timeline designated by their incumbent bank.”

Siena Lending Group is an independent commercial finance company offering asset based loans between $2 million and $30 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 and flexible solutions, while allowing its customers to maintain a relationship with their own bank.

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