Siena Closes $58 Million Credit Facility for Textile Manufacturer

Siena Lending Group LLC ("Siena") announces the completion of a three-year asset based revolving credit facility for a family‐owned and operated Textile Manufacturer (“Company”). The facility consists of a $50MM Revolver and a $8.1MM Term Loan. As one of the oldest textile businesses in the United States with a deep and rich history dating back to the mid-1800’s, the company and its 1,000 plus dedicated employees have consistently demonstrated their ability to provide high-quality fabrics and products to the industrial, workwear, retail, sportswear and protective markets. The proceeds will be used to repay existing debt and provide the business with additional working capital to fund operations as they navigate out of the last remaining effects of the COVID-19 pandemic.

“From the very beginning, working with this management team has been an absolute pleasure,” said Nick Payne, Director of Siena Lending Group. “The Company’s legacy is in capable hands, the likes of which have helped successfully guide the Company through a crushing blow to the textile and tangential industries by COVID-19. We are excited to be part of their future, and are thrilled to have a role in the next chapter of this storied business.”

About Siena Lending Group

Siena Lending Group is a leading asset-based lender which serves middle-market companies looking for an alternative to traditional bank financing. Siena offers asset-based loans from $7 million to $60 million and consistently finds creative ways to provide borrowers with maximum flexibility and liquidity. With deep lending experience and expertise in complex situations, clients can feel confident knowing Siena brings the patience and perspective to help them work through any challenges and achieve their long-term visions. Siena provides financing solutions to companies across a broad spectrum of industries. Siena Healthcare Finance, a specialized division of Siena, is dedicated solely to serving companies within the healthcare sector. Siena is a portfolio company of Business Development Corporation of America, an affiliate of Benefit Street Partners LLC. For more information, visit www.sienalending.com or www.sienahealthcarefinance.com or contact a Siena team member.