Hydraulic Manufacturing - October 2019

Location: Troy, Michigan 
Industry: Hydraulic Manufacturing
Revenue: $599,000 
Line of Credit: $375,000 Factoring Facility with $125,000 one-time advance on Machinery & Equipment
Collateral: Accounts Receivable, Machinery & Equipment

 

The American Dream
Sterling Commercial Credit approved a $375,000 line of credit secured by Accounts Receivable, Equipment in October 2019. The initial funding included a $125,000 one-time advance on equipment. 

In operation since 1965, this family business with 16 employees has over 54 years of experience in the manufacturing of hydraulic manifolds and subplates.  A new owner purchased the business in 2019, with 20 years of manufacturing experience himself. 

Sterling CEO (W. Edwin Small) worked closely with the new owner throughout the transition.  Not only was he able to walk the new owner through proper procedures and reporting, but also referring accountants and marketing personnel to assist in the growth of the business.

With the $125,000 one-time advance to get him started, the new owner has already drafted plans to improve profits and grow the business. He plans to redesign the manufacturing process to streamline and increase profitability and utilize outside marketing and industry connections to boost business growth in the new year.