Milestone Bank in Salt Lake City has launched an asset-based lending division.
The $385 million-asset bank, which has focused on equipment finance, said the new division will provide revolving working-capital lines of credit secured primarily by accounts receivable and inventory.
The expanded offerings will focus on manufacturers, dealers and other business-to-business operators.
Milestone hired Daniel Godfrey to lead the division. Godfrey has 23 years of experience in ABL, including 18 years at Celtic Bank.