Mackinac Financial Corporation Launches Asset-Based Lending Subsidiary

Mackinac Financial Corporation has announced the formation of Mackinac Commercial Credit LLC (MCC), a wholly owned subsidiary of the holding company. MCC will provide working capital to small- to medium-sized companies through a variety of alternative financing methods, including asset-based lending and factoring. "We created MCC as a non-bank subsidiary to complement mBank and expand our offering to provide more financing options for companies that are not yet eligible for traditional bank financing," said Paul Tobias, Chairman and CEO of Mackinac Financial Corporation. "With experienced personnel in place and a well-built credit and operations infrastructure, MCC is also set-up to provide excellent margins and returns to MFNC shareholders."