North Avenue Capital (NAC) is helping support the oil and gas industry in Oklahoma, the commercial lender said in an April 1 release.
The largest business and industry (B&I) lender in the country, NAC said it issued a $5.55 million USDA B&I loan to Dibble SWD Holdings, a permitted saltwater disposal facility in Blanchard, Okla., within the SCOOP and STACK region.
The financing provided by NAC, which is headquartered in Florida, comes at a time when companies all across the supply chain are recovering from and responding to the effects of the COVID-19 Pandemic and subsequent decline in oil prices.
“This loan will help to preserve valuable jobs in this highly specialized market, and with Dibble’s state-of-the-art technology, will create a safer and healthier environment for the surrounding community,” the firm said in the release.
According to the firm’s release, Dibble will be able to complete a strategic acquisition, purchase new equipment to increase facility production, and fund payment reserves as a result of NAC’s support.
Led by a management team with more than 20 years of industry experience, the saltwater disposal facility provides an important environmental service to the oil and gas industry in one of the most active areas in the U.S.
“By providing wells designed to safely dispose of wastewater generated from oilfield drilling, the loan finances community advancements in environmental health and wellbeing, while also generating economic development across market segments throughout the region,” NAC added in its release.
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