Siena Lending Group LLC ("Siena") announces the completion of a three-year $4.5 million asset based revolving credit facility for Amstek Metal LLC ("Amstek") to refinance their existing senior debt and to provide additional working capital for the business.
Located in Joliet, IL, Amstek is a multi-location steel service center established in July 1987 to provide processing and distribution of high quality engineered wire and strip products to precision metal stampers, spring makers, and fabricators in the Midwest and East Coast of the United States.
Charles Stevens, CEO of Amstek said, "Siena Lending Group's experience with flexible finance solutions while supporting traditional banking has provided Amstek Metal with the opportunity to accelerate both short and long term growth strategies. Siena's focused customer service has our management team excited about the future with our new partner."
Nick Payne, Senior Vice President of Siena Lending Group, said, "Amstek's long history of top notch quality and service in the specialty steel marketplace is exactly the kind of company that Siena is proud to partner with. We worked closely with Charles and his leadership team, as well as the incumbent bank, to provide a flexible solution that will allow the company to continue growing without traditional capital restrictions."