FirstMerit Bank Business Credit announced the closing of two recent asset-based loans.

FirstMerit Bank Business Credit announced it closed a new $10 million revolving credit loan and term loan facility to Motor Castings Company on August 1, 2014.  Proceeds of the facility were used to refinance existing debt and provide working capital.   

Motor Castings Company, headquartered in Milwaukee, Wisconsin, is a cast iron foundry engaged in the manufacturing and sale of casting components for diesel engines primarily serving the North American railroad and transportation industries.

Additionally FirstMerit Bank Business Credit announced it closed a new $34.35 million revolving credit loan, term loan and lease facility to a Michigan-based diversified marketing company on August 7, 2014.  Proceeds of the facility were used to refinance existing debt and provide working capital.   

The borrower, headquartered in Saginaw, Michigan, is a diversified marketing organization providing its clients with marketing, product launch, trade show exhibits,  travel, special event, call center, recognition and communication services.

FirstMerit Bank Business Credit provides working capital and term loan facilities to middle–market companies for acquisitions, LBO’s, MBO’s recapitalizations, rapid growth, seasonal working capital build-up, and turnaround situations.