Junior Secured & Second Lien Lending

Steel City Capital Funding (SCCF), a division of PNC Bank N.A.

We are a specialty finance company serving middle market companies and private equity sponsors, expanding on the capabilities of PNC Business Credit.

We Get the Deal Done

We deliver consistent and reliable capital in all phases of the business cycle. It’s more than confidence of execution. It’s a Done Deal.

Our Approach

Steel City's experienced team of lending professionals understands that potential goes beyond the numbers, accounting for your management team, your systems and processes, products, services and your market position.

Our extensive transactional experience allows us to understand your company. And, by understanding your company, we understand how to deliver solutions. As a division of PNC Bank, we remain a reliable funding source through market cycles and can provide a complete suite of complementary banking products and services across a wide range of industries. When creative financing alternatives are required, Steel City, in conjunction with PNC Business Credit, can be a ready source of capital for growing businesses.

Lending Criteria

Steel City professionals average over 20+ years of lending experience and can structure innovative and flexible senior debt buyouts, acquisitions, growth capital, recapitalizations and refinancings to get deals done.

Most of our lending relationships fit the following criteria:

$5-30 million target hold — With ability to underwrite larger amounts, and maturities up to 5 years with flexible amortization schedules

Primary Industries — Of manufacturing, retail, wholesale, distribution and service

EBITDA — Greater than $5 million

Stable History — Of sustainable revenue and cash flow

We Get the Deal Done

At PNC Business Credit and Steel City Capital Funding, “Done Deal” is not a tagline. It’s who we are.

Consistent, creative, reliable capital in all phases of the business cycle delivered by leading dealmakers who are experts in their field. With us, it's more than confidence of execution. It’s a done deal.

a portfolio company of

Norwest Equity Partners


Revolving Line of Credit
& Term Loan

Imaging Supply

a portfolio company of

Angeles Equity Partners, LLC


Revolving Line of Credit
& Term Loan

Operator Cab

a portfolio company of

Palm Beach Company


Revolving Line of Credit
& Term Loan

Logistics & Delivery
Service Provider

Lending Solutions

From cash flow-based senior term loans, and junior secured and second lien term loans for sponsored and non-sponsored transactions, Steel City’s extensive industry expertise recognizes the value of a company offering expanded access to capital.

Junior Secured & Second Lien Lending

When senior lending doesn’t get you where you need to grow, junior secured lending through Steel City may be an answer. By leveraging capital with pricing more favorable compared to unsecured mezzanine debt and without diluting equity, junior secured lending can fill important gaps in your capital structure and provide the critical financing needed to achieve your goals.

Stretch Cash Flow

When a traditional asset based or cash flow structure is insufficient, a stretch cash flow layer of financing may be a good fit. As a hybrid structure between cash flow and asset based senior lending, companies are able to obtain the capital they need when asset value or cash flow by themselves may not be enough to meet their objectives.

$2.7 Billion

  in junior secured, second lien and stretch cash flow commitments

Want to learn more? Check out our brochure »

Our Team

25+ years of consistent industry leadership.

Joseph Antinozzi

SVP & Senior Managing Director


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Jon Westberg

SVP & Managing Director


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Brian MacConnell

EVP & CEO, Specialty Products


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Walter B. Hill

SVP & Group Head, Steel City Capital Funding


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Joseph Antinozzi is Senior Vice President and Senior Managing Director for Steel City Capital Funding.

He is responsible for all origination activities for Steel City Captial Funding. Working closely with PNC Business Credit, Antinozzi provides product coverage for under-collateralized term loans, cash flow loan facilities and second lien term loans, working closely with PNC Business Credit. Prior to joining Steel City, he was a managing director at Ally Commercial Finance (formerly GMAC Commercial Finance), responsible for originating new business opportunities from the private equity community. Antinozzi has many years of experience in structuring and closing cash flow and asset based lending arrangements, including senior positions with Bank of America and Heller Financial. He received his B.S. from Fordham University and his MBA from Georgia State University. Antinozzi is a member of the Association for Corporate Growth. 

Brian MacConnell is EVP & CEO, Specialty Products

He is responsible for oversight of PNC Business Credit’s specialty lending products, including Steel City Capital Funding, a provider of cash flow and 2nd lien financing; the Technology Finance group, which leverages the recurring revenue of sponsor-backed software companies; and the Cerberus PNC Senior Loan Fund LLC, a provider of large first-out cash flow financings.

MacConnell joined PNC Business Credit in 1997 as one of its founding members, with responsibility for oversight of the creation of more than $6 billion in new client loans in support of middle market leveraged buyouts, mergers and acquisitions, recapitalizations and restructurings. Most recently, he served as Executive Vice President and Eastern Division Executive for PNC Business Credit.

MacConnell received his bachelor’s degree from Syracuse University and his MBA from Rutgers University.

He is a member of the Association for Corporate Growth, the Secured Finance Network (formerly the Commercial Finance Association), and the Turnaround Management Association.

Jon Westberg is Senior Vice President & Managing Director for Steel City Capital Funding.

He is responsible for deal origination, structuring and closing of cash flow solutions in combination with senior asset based loans – both independently and in support of business development officers throughout the U.S.

Westberg joined PNC in 2015 as a business development officer covering equity sponsors in the Chicago area. Prior to joining PNC, he worked for Lake Capital, where he led the middle-market private equity firm’s debt financing activity for new investments and portfolio companies, and J.P. Morgan Securities, where he originated and arranged multi-lender loans and high yield bonds in the bank’s Syndicated & Leveraged Finance division.

Westberg received his B.S. from Miami University and his MBA from the University of Chicago Booth School of Business.

He is a member of the Association for Corporate Growth.

Walter B. Hill is SVP & Group Head, Steel City Capital Funding

Walter B. Hill is Senior Vice President & Group Head of Steel City Capital Funding for PNC Business Credit. He is responsible for Steel City and related first out cash flow offerings through one team focused on providing the best solution for the opportunity based on investment strategy and capital allocation. 

Hill joined PNC in 2002 and has served in several sales and treasury management roles, including business development officer for PNC Business Credit’s Upper Midwest region. He was most recently responsible for key unitranche partnerships through first out offerings.

Hill is the recipient of multiple sales awards, including the Summit and Chairman's Circle awards. He received his B.S. from Penn State University.

Hill is a member of the Association for Corporate Growth and the Turnaround Management Association.