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Mackinac Commercial Credit Provides $2.9MM ABL to Manufacturer

February 01, 2016, 07:36 AM
Filed Under: Manufacturing

A Michigan-based precision parts manufacturer was restructuring its balance sheet and raising additional capital. It was seeking a new lender that could help them leverage their balance sheet assets and provide a working capital line to complete their recapitalization. MCC met with management and reviewed the future plans of the firm. By leveraging the accounts receivable, inventory and equipment in one facility, MCC provided the final piece to help put their restructuring plan in place.

Mackinac Commercial Credit is the Asset Based Lending Division of mBank and provides lines of credit up to $5 million for companies in transition due to rapid growth, acquisition, lack of capital, or in turnaround.

Headquartered in Manistique, Michigan, mBank is the principal subsidiary of Mackinac Financial Corporation whose common stock is traded on the NASDAQ stock market as “MFNC.” With assets in excess of $750 million, the community bank empowers individuals and small- to medium-sized businesses with smart financing and depository solutions for peace of mind.

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