CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — What do you get when you combine a spotless shop floor, a legacy of quality craftsmanship, and an entrepreneur with vision? A modern American Dream in motion.
Billy Banks, a Chicago-based entrepreneur, father of triplets, and former Northwestern University entrepreneurship professor, has acquired General Machine, a precision manufacturing business based in Freeburg, Illinois. Established in 1980, General Machine has earned its reputation by delivering high-quality custom metal fabrication and machining services to industries such as mining, construction, power generation, and infrastructure.
A native of Elkhart, Indiana, Banks began his career in the RV industry, learning the fundamentals of American manufacturing firsthand. From there, his journey was anything but linear—spanning corporate roles, startups, and even academia. He first cut his teeth by co-founding M-Tec Corporation, a steel fabrication business servicing the RV, commercial vehicle and trailer industries. Next, he co-founded Reach360, a HR-tech platform focused on providing Fortune 500 HR services and benefits to small businesses. Whether in the classroom or the boardroom, Banks has remained committed to creating opportunity and building things that last.
“When I was growing up in northern Indiana, I saw what happens when manufacturing disappears—it leaves a void in communities,” said Banks. “But I also saw what’s possible when you reinvest in people and production.”
That belief led him to acquire General Machine—a business with skilled employees, strong customer relationships, and untapped potential. The acquisition, which included both the business and its real estate, required a creative financing solution. That’s where First American Bank stepped in.
To overcome high capital barriers, Banks partnered with the bank to structure a deal that leveraged the SBA 7(a) loan program to reduce the down payment, finance goodwill, and support stable cash flow through a 10-year amortization schedule. Working in tandem with GrowthCorp, First American Bank also utilized the SBA 504 program to secure 40% of the project at a fixed 25-year rate—while requiring only a 10% down payment. A working capital line of credit rounded out the financing to support ongoing operations.
“Billy brought a clear vision, strong experience, and a deep passion for revitalizing American manufacturing,” said Ross Van Beek, Senior Vice President, Commercial Loan Relationship Manager at First American Bank.
“This is exactly the kind of entrepreneurial story we love to support—because it creates jobs, strengthens communities, and builds the future of American industry.”
Van Beek, along with colleagues Mark Kroencke and Madelyn McCarthy, played a pivotal role in structuring and closing the transaction.
Now at the helm, Banks has ambitious plans: double the business in three years—and then do it again.
He’s building on a rock-solid foundation. General Machine’s capabilities include:
- Large precision machining for industrial-scale components
- Welding and fabrication of steel, stainless, and aluminum
- CNC machining, plasma cutting, and forming for structural and heavy equipment applications
- Sheet metal and custom part fabrication backed by deep technical expertise
Banks is already modernizing the company—enhancing digital outreach, deepening customer relationships, and integrating advanced technologies like AI to improve quoting, scheduling, and operational efficiency.
“General Machine has all the right bones,” said Banks. “Now it’s about honoring what works—craftsmanship, relationships, integrity—while building something even bigger.”
Thanks to First American Bank’s strategic financial support and Banks’ bold leadership, General Machine is poised to lead the next era of precision manufacturing—one expertly machined part at a time.
If you’re looking to take your business to the next level with innovative financial solutions, contact First American Bank today. Our team is ready to help you structure the right financing to fuel your growth.
For more information about First American Bank and its services, visit www.firstambank.com.
First American Bank is a Member FDIC.
Contact:
Teresa Lee
305-631-6400
tlee@firstambank.com
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