Siena Lending Group LLC today announces the completion of a three-year $1.5 million asset based revolving credit facility for Progressive Products, LLC. Proceeds from Siena’s facility were used in conjunction with an SBA loan provided by a nationally chartered bank to allow Progressive Products to pay down higher priced debt and to support the company’s working capital requirements going forward.
Headquartered in Rye Brook, NY, Progressive Products, through their WipesPlus® product line, distributes wet wipe products that service a wide variety of customers and end markets. The WipesPlus® product line is the only full complement of wet wipe cleaning solutions for retail, healthcare, industrial and commercial customer industry segments.
David Grende, President and CEO of Siena Lending Group, said, “We are pleased to provide a flexible asset based facility to Progressive Products, LLC that will assist the company to execute their business plan. In addition, this facility underscores Siena’s ability to work together in a seamless manner with regional and community banks.”
Jason Englander, CEO of Progressive Products, said, “We are thrilled about our relationship with Siena Lending Group. They have provided our company with an aggressive credit facility to help us achieve our short-term and long-term goals.”
About Siena Lending Group:
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 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.
Siena’s independence as a finance company allows innovative and flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena’s management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has, on average, over 20 years each of experience and has transacted over $12 billion in facilities. For further information please visit us at www.sienalending.com or contact a Siena team member.