"With MB, we worked collaboratively, quickly and efficiently to structure and execute a credit facility that supports the current needs and future growth of Salem Steel," said Sidd Saran, President and CEO of Salem Steel.
Chicago, IL (PRWEB) September 27, 2017
MB Business Capital, a division of MB Financial Bank, N.A., announced that it recently provided a new $7,500,000 senior credit facility to Paramus, New Jersey-based Salem Steel NA, LLC (“Salem Steel”). Salem Steel is an importer and master distributor of precision steel tubes serving a wide range of end markets, including automotive, heavy machinery, energy and mining, to customers all over North America. Salem Steel is known for supplying hard-to-manufacture and irregular size steel tubing, including the following specialties: DOM / ERW tubing, seamless steel tubing, specialty shape tubing and fluid power products (tubing and bar, used for hydraulic cylinder applications). MB’s credit facility will be used to fund working capital needs.
“MB Business Capital understands the metal industry and the challenges a metal distributor faces in the market today. With over 20% of our portfolio in the metal industry, we understand and appreciate the challenges of increasing sales and cash flow. We welcome Salem and look forward to a long and successful relationship,” says Michael Sharkey, President of MB Business Capital.
“MB Business Capital understood our particular requirements well. With MB, we worked collaboratively, quickly and efficiently to structure and execute a credit facility that supports the current needs and future growth of Salem Steel. We look forward to a long, successful partnership,” said Sidd Saran, President and CEO of Salem Steel.
About MB Business Capital
MB Business Capital is the asset based lending division of MB Financial Bank, a commercial bank headquartered in Chicago, Illinois. MB Business Capital seeks asset based lending opportunities in the $5 million to $35 million range and is offering dedicated syndication opportunities of up to $100 million. The firm can also provide access to the full range of business banking products and services offered by MB Financial Bank.
About MB Financial, Inc. (NASDAQ: MBFI)
MB Financial Inc. is the Chicago-based holding company for MB Financial Bank, which has approximately $20 billion in assets and a more than one hundred year history of building deep and lasting relationships with middle-market companies and individuals. MB offers a full range of powerful financial solutions and the expertise and experience of bankers who are focused on their clients’ success. Learn more about MB Financial, Inc. at http://www.mbfinancial.com