Siena Lending Group announces the completion of a $7.25 million revolving and term loan facility for Don Rose Oil Company (“DRO”). The facility was used to refinance the existing lender as well as providing additional liquidity for working capital needs.
Headquartered in Visalia, CA and established in 1972, DRO is a distributor of gasoline, diesel and propane in the San Joaquin Valley of California.
David Grende, President and CEO of Siena Lending Group, said, “We are very pleased that we were able to provide an asset based lending structure that offers incremental liquidity to Don Rose Oil Company. We look forward to working with the company as they continue to execute their business plan and seek acquisition opportunities.”
John Castellucci, Chief Executive Officer of Don Rose Oil Company, said, “The people at Siena are very professional and set themselves above from other finance companies in that they took the time to understand our business and financing requirements. I look forward to a long relationship with them.”
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $25 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification.