Meridian Bank Closes SBA Loan for Glass Manufacturer in South Jersey

Meridian Bank's SBA Lending Team closed a $1,150,000 SBA Loan for a current customer to complete the asset purchase of a local competitor in Vineland, NJ. The SBA loan was structured with a fully-amortizing 10-year term and financed 90% of the purchase price, closing costs, and working capital for the new entity. Additionally, the Bank was able to provide the borrower with a complimentary line of credit facility for their ongoing working capital needs.

The buyer/borrower is a long-time manufacturer who saw this acquisition as an appealing opportunity to further expedite their growth strategy. The selling business was not a direct sales competitor and, as such, their customer base will allow the buyer to expand into a new industry vertical. Additionally, the economies of scale created by the acquisition will further benefit the buyer and add to their bottom line.

Meridian Bank is an SBA Preferred Lender ("PLP") and consistently a top-ranked lender in the Tri-State Region. They are actively lending on Real Estate Purchases and Refinances, Business Acquisition and Partner Buy-Outs, Equipment Purchases, Debt Consolidations, Working Capital Needs, etc. Their loan products provide highly-competitive rates, low closing costs, and a streamlined closing process with their experienced team.

For more information about Meridian Bank and their SBA lending program, please contact:

Paul Avery, VP Senior SBA Loan Officer?- 484.395.2063 |[email protected]