A specialty bank built for the people who make things.
Steelbanc was incorporated in 2022 to underwrite credit for North American manufacturers — the firms whose work you can hold in your hand. We are a small firm by design: forty-odd bankers and operators, two offices, one product, one client type.
Underwriting from the shop floor.
We bank manufacturers — and only manufacturers.
Discrete and process manufacturing, capital equipment, and the supply chains around them — from specialty chemicals and metals operators to next-generation U.S. electric-vehicle platform manufacturers like Rivian, REE Automotive, and Olympian Motors. We do not lend against software, real estate, or healthcare. The concentration is the point.
Collateral discipline never gets bargained down.
We advance against equipment at forced-liquidation values, not soft third-party appraisals. We size revolvers against tested borrowing bases. We have been wrong about a client before; we have not been wrong about our collateral.
We staff senior. Every transaction sees a partner.
There are no junior-led deals at Steelbanc. Our coverage and credit committee both include former plant operators alongside career bankers — every transaction reviewed by both perspectives.
We say no early — and we mean it.
We declined 41 percent of the deals we screened in 2025. We do not chase volume, and we do not stretch structure to win a competitive process. Our LPs know this and underwrote it.
Three years, in plain numbers.
- 2022Steelbanc is incorporated in Delaware.
Founded as a specialty commercial lender to North American manufacturers, with an initial $200 million committed credit facility from two institutional limited partners.
Founding - 2023First sixteen clients; first full fiscal year.
$124M of originations across 16 borrowers, all senior secured. The firm's headquarters opens at One Vanderbilt in March.
Year 1 - 2024Equipment Finance launched; second LP commitment.
The Equipment Finance vertical is launched. A second institutional LP commitment of $250M closes, bringing total committed capital to $450M.
Year 2 - 2025Chicago office opens; first credit loss; first profitable year.
Chicago office opens in April with a four-banker team. $310M of originations. First credit loss recovered at 91 cents. First fiscal year of GAAP net income ($9.8M).
Year 3 - 2026Looking ahead.
Plan to evaluate a third office (Atlanta or Charlotte) and originate between $420M and $470M. No additional capital raise planned.
Current
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