This company is a manufacturer of plastic injection molded and decorative trim products and systems for both the automotive and commercial trucks market. They have been designing, developing and manufacturing plastic and metal components for the automotive industry for over 65 years. In recent years, the company has expanded its core manufacturing competencies through vertical integration. Chrome plated product lineup has evolved from essentially only plastic wheel claddings to include: exterior and interior trim, decorative wheel covers, commercial truck exterior components and second surface acrylic medallions. The company’s capabilities include; design concept and tooling, production, and distribution. As of 2020, the company has re-balanced its sector mix across Commercial Truck, Electric Vehicle, and Traditional Automotive at 36%, 18%, and 46%, respectively. Their product design and engineering arm is also pursuing the Medical Device sector. The earliest this new sector would come on line is 2021 and would represent less than 5% of annual sales. The company has two production facilities located in Kentucky and South Carolina, plus a Tooling and Engineering facility located in Staples, Minnesota, and a Corporate facility located in Michigan. Closure of assembly plants across the US and decreased demand resulting from COVID-19 has adversely impacted MVC’s restructuring efforts. automotive plants lead to delayed rollout of new parts and reduced operations.
|Guaranty Type||USDA B&I CARES|
|Loan Term||10 yrs|
|Participation Availability Amount||$525,000|
|Minimum Participation Amount||$250,000|
|Original Loan Amount||$10,500,000|
|Full Loan Documentation||Link|