Siena Lending Group closed a $17.5 million asset-based credit facility with a California-based Tire Company (“TireCo” or the “Company”).  The two-year revolving credit facility was used to refinance existing debt and provide additional working capital to support business growth.

TireCo includes various business units which distribute tires and complementary auto parts, as well as operate a chain of retail tire installation and automotive service centers throughout California.  Privately owned and operated for over two decades, the Company was looking to refinance its existing bank loan with a lender that could provide more flexibility to run its business and additional liquidity to support new operating initiatives.  Siena delved into TireCo’s complex organization structure to understand the operations and delivered a preferred financing solution.