Mackinac Commercial Credit provided a $1,500,000 asset based line of credit to Michigan based commodity re-seller. The financing was secured by the company's accounts receivable.
The firm had suffered some setbacks and its existing bank had asked them to exit. MCC management met the ownership team and heard their turnaround plan and found a way to meet their financial needs going forward. As they continue their positive progression, MCC can transition the firm to a more traditional bank line of credit. Thereby making the MCC solution a permanent solution for the client.