Micron Solutions (MICR) Announces New $ 7 Million Credit Facility
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Micron Solutions, Inc. (OTCQB: MICR), a diverse contract manufacturing organization, through its wholly owned subsidiary, Micron Products, Inc., producing innovative, high-tech components requiring precision machining and injection molding, announced that Micron Products, Inc. entered into a new three-year, $ 7,000,000 loan and guarantee agreement (the “Agreement”) with Berkshire Bank, a Massachusetts banking company, on June 30, 2021 , replacing the Company’s previous lender.
The agreement includes a revolving line of credit of up to $ 5.0 million and a capital line of credit of $ 2.0 million, which lines are secured by the assets of Micron Products and Micron Solutions. . The objective of the funding is to provide additional liquidity that will be used for future working capital requirements and capital expenditures as well as for general corporate purposes, subject to the terms of the agreement. Under the terms of the Agreement, the Company will repay its outstanding subordinated debt in the amount of $ 500,000.
“We are pleased to announce our agreement with Berkshire Bank. We recently announced that we have completed the sale and leaseback of our main manufacturing facility, which allowed us to write off our balance sheet of bank debt from our previous lender. This new loan agreement provides us with additional capital availability to take advantage of opportunities to expand our business and continuously improve our operating results. Berkshire Bank’s Asset Lending and Treasury teams have worked diligently with us to tailor the facility to Micron and we are grateful for the opportunity to partner with them over the next several years, ”commented the CEO. Bill Laursen.