Belmont Engineered Plastics, LLC (BEP) is a large injection molding and assembly operation located in Belmont, MI. The company came into existence in 2013 through the purchase of a state-of-the-art manufacturing facility from a Fortune 100 company. The transaction enabled BEP to build a talented and capable team with broad manufacturing capabilities to work in a world-class facility
As the company grew quickly in 2017 and 2018, BEP leadership recognized the need for additional working capital. When the company's portfolio could not meet the collateral requirements of their lender, First National Bank of Michigan, MEDC's Capital Access program stepped in to provide collateral support.
In January 2019, the Michigan Strategic Fund approved 49.9 percent collateral support for a business loan through First National Bank of Michigan, making a $1 million revolving line of credit (LOC) available to BEP, providing the company with the working capital it needs for purchasing, labor, and other day-to-day operating expenses.
“This program was helpful because it enabled the bank to increase Belmont’s LOC to meet their needs during a challenging time for the company. Without the program we would not have been able to provide them with as much as they wanted,” stated Charles Slauer, vice president of First National Bank of Michigan.
Visit Belmont Engineered Plastics’ website for more information about the company.
Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visitwww.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook,Instagram, LinkedIn, and Twitter.
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