MidFirst Business Credit Announces New Lending Relationship with Principal Manufacturing Corporation

MidFirst Business Credit (“MFBC”) announced it has provided $16 million in working capital and term facilities to Principal Manufacturing Corporation (“PMC”). Headquartered in Broadview, Illinois, PMC is a custom manufacturer of fine-blanking and precision stamping parts for OEMs, and Tier 1 and 2 automotive suppliers in the U.S., Mexico, Europe and Asia. The funds were used to refinance the payoff to an existing lender, provide additional working capital and help facilitate further business expansion. The transaction was completed on January 21.

“We are extremely excited to move forward with a supportive banking relationship, which will give us an opportunity to focus on the business and our customers,” stated PMC President Ben Barnett.

MFBC President Dennis Schlesner added, “We take the responsibility of being a financial partner very seriously, and we are grateful and honored that PMC chose us to be their partner.” 

Headquartered in Atlanta with offices in Chicago, Dallas, Detroit, Los Angeles, Nashville and Phoenix, MidFirst Business Credit provides customized and flexible financing solutions to growing businesses nationwide. Offering lines of credit of up to $30 million, MidFirst Business Credit provides working capital and term loan facilities for acquisitions, recapitalizations, working capital needs and turnaround situations.

MFBC is owned by MidFirst Bank, one of the nation’s largest privately held banks with more than $23 billion in assets. This unique structure gives MFBC the flexibility of a finance company with the financial backing and stability of a bank.