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Manufacturer of Specialty Parts for the Power Generation Industry

“You can be the best businessman in the world and not predict an economic downturn. We took measures to counteract impending doom, but it wasn't enough. A very strong team surrounds me at Penn Iron Works and together with Greg Poehlmann, they helped us obtain financing. Greg could see that our business was fundamentally sound and operationally trim. He had faith in Penn Iron Works. This was my first experience with 44 Business Capital and the SBA loan process. Greg was able to guide us through the process and provide a solution. This loan allowed Penn Iron Works to preserve all of our jobs and significantly reduce our monthly debt.”

Stylianos “Stelly” Philippides, President
Penn Iron Works INC

CHALLENGE

Penn Iron Works has been a very successful manufacturing firm for nearly 100 years. The recent economic downturn hurt the company as their end users put off large capital expenditures until more certain footing could be established. Penn Iron fought its way through these past few years and always honored its obligations to its bank. However, its lender wanted to exit the relationship so 44 Business Capital was able to restructure the company's existing debt and save the company a substantial amount of cash flow compared to their prior debt service requirements.