The Commercial Finance division of Pathward announced a $15 million asset-based revolving line of credit to a transportation parts distributor headquartered in Virginia. The company needed a lender that could provide an increase in liquidity and stability, as they continue to grow.
 
Pathward also announced the closing of a $20 million asset-based revolving loan supported by accounts receivable and inventory and a $1.6 million term loan to Michigan-based company manufacturing lifestyle goods in the recreational pool and indoor/outdoor furniture segments. Following a period of growth, the company added a management team with industry expertise to help it attain its ambitious sales growth goals. Pathward partnered with the company to provide proper financing structure that included a mezzanine loan from Grow Michigan, a public private fund via the Michigan Economic Development Corporation. The furniture manufacturer is well positioned to achieve its goals.   

Patrick O'Keefe, CEO of Grow Michigan said, "Grow Michigan is pleased to support the growth of Michigan small businesses by participating with our capital partner Pathward in this transaction."