Marquette Business Credit recently funded a $5 million rental fleet financing facility and revolving line of credit to Midwest High Reach, Inc. Midwest High Reach is a full service construction and industrial equipment rental, sales, and service company based out of Joliet, Illinois. The secured facility consists of a $1.0 million revolving line of credit plus an additional $4.0 million equipment term loan and capital expenditure line. This new facility offered by Marquette will provide the company with the working capital needed to finance their fleet purchases and allow for growth opportunities.
Rob Snook, COO of Midwest High Reach stated "Our Company was growing rapidly, and our need to find a lender capable of growing with us had become acute, just as our business was taking another upward turn. Shortly after we were introduced to Marquette, we presented their team of seasoned professionals with a set of criteria for our business, and a critical timeline. They immediately went to work to close the transaction we needed, when we needed it."
Marquette Business Credit provides asset-based loans up to $25 million to middle market companies throughout the U.S. The loans are made to a wide variety of industries and include secured lines of credit against accounts receivable, inventory, machinery and equipment, real estate, along with cash flow supported term loans.
UMB Financial Corporation is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.