Siena Lending Group LLC ("Siena") and Great Rock Capital (“Great Rock”) jointly announce today the closing of a $100 million senior secured credit facility with SkyWater Technology (“SkyWater”), a publicly traded company with a majority ownership by Oxbow Industries.

SkyWater, headquartered in Bloomington, MN, is the most advanced domestically owned and based Trusted Foundry, serving the needs of the U.S. government as well as other commercial applications. 

The SFNet Q1 2021 Asset-Based Lending Index reflects ongoing confidence from lenders, but the larger story continues to be told by low, but slightly improving, utilization.  The US economy rebound expanded significantly during the quarter with the 6.4% GDP expansion marking the second-fastest pace for growth since the second quarter of 2003 and was exceeded only by the reopening-fueled burst of Q3 in 2020. This growth had a clear impact on portfolio health with non-accruals, special mention, and write offs continuing at low levels for both banks and non-banks.