Pathward Lends $21.6 Million to Furniture and Lifestyle Goods Manufacturer
December 19, 2024
Source: Pathward®, N.A.
TROY, MICH. – Dec. 19, 2024 – The Commercial Finance division of Pathward®, N.A., announces the closing of a $20 million asset-based revolving loan supported by accounts receivable and inventory and a $1.6 million term loan to Michigan-based company manufacturing lifestyle goods in the recreational pool and indoor/outdoor furniture segments.
Following a period of growth, the company added a management team with industry expertise to help it attain its ambitious sales growth goals. Pathward partnered with the company to provide proper financing structure that included a mezzanine loan from Grow Michigan, a public private fund via the Michigan Economic Development Corporation. The furniture manufacturer is well positioned to achieve its goals.
Patrick O'Keefe, CEO of Grow Michigan said, "Grow Michigan is pleased to support the growth of Michigan small businesses by participating with our capital partner Pathward in this transaction."
Pathward’s Commercial Finance products include working capital, equipment financing and structured financing, which includes conventional and government-guaranteed lending. With representatives across the country and a Canadian foreign representative office, Pathward helps industries nationwide such as transportation, manufacturing, staffing, alternative energy, and technology.
Visit Pathward.com to learn more about financing options for your business.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Partner Solutions and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
About Grow Michigan
Grow Michigan was organized with the mission to grow Michigan businesses and jobs by providing growth capital to Michigan business owners who do not have the required capital to grow their business. Our goal is to provide attractively priced, highly efficient and complimentary growth capital, including value-add assistance, in the form of subordinated debt to Michigan’s small and middle-market business community in a broad range of industries. Learn more at GrowMichiganFund.com.
Media contact:
Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
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