PERRYSBURG, Ohio -- Positioning itself for expansion and for the upgrading of its existing convenience-store network, Barney’s Convenience Mart Inc. has obtained a 21.3-million credit facility provided by Citizens Bank.
Formed in 2009, Barney's, an 18-site convenience store and retail fuel operator in northwestern Ohio. Its locations offer BP-branded fuel.
The funds include a $17.8-million term loan for the acquisition of real estate, a $500,000 working capital line of credit and a $3-million development line for future remodeling and acquisitions.
"Citizens has great experience in this business and a very client-focused approach,” said Jim Sutphin, operations manager for Barney’s.
“The team at Barney’s Convenience Mart runs a solid business, and we are happy to help them meet their strategic and financial goals,” said Michael R. Phelps, managing director and group head of convenience and retail fuel finance at Citizens.
Based in Providence, R.I., Financial Group Inc. offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle‐market companies, large corporations and institutions.
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