---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-23-015222"
form_type: "8-K"
ticker: "SMID"
cik: "0000924719"
company_name: "SMITH MIDLAND CORP"
filed_at: "2023-12-06T23:59:59+00:00"
generated_at: "2026-06-07T17:40:28.274254+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Smith-Midland renews $5M line of credit and $1.5M equipment line with Summit Community Bank

## Summary
- Renewed $5M revolving line of credit with Summit Community Bank; no advances drawn to date.
- Also renewed $1.5M equipment guidance line of credit; both mature October 1, 2024.
- Interest rate: WSJ prime (initial 8.5%) with floor of 4.99%; interest-only payments monthly.
- Covenants include bank approval for capex >$5M, min tangible equity $10M, and approval for acquisitions.
- Loans collateralized by accounts receivable, inventory, and equipment.

## SEC filing metadata
- accession: 0001654954-23-015222
- form_type: 8-K
- ticker: SMID
- cik: 0000924719
- company_name: SMITH MIDLAND CORP
- filed_at: 2023-12-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/924719/000165495423015222/0001654954-23-015222-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/924719/000165495423015222/smid_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-23-015222
- JSON: https://secwatch.observer/filing/0001654954-23-015222.json
- Plain text: https://secwatch.observer/filing/0001654954-23-015222.txt

## Key facts
- Debt Financings
  SMITH MIDLAND CORP incurred credit facility of up to $1,500,000 with Summit Community Bank at Wall Street Journal prime rate plus .5% maturing October 1, 2024.
  - Instrument: credit facility
  - Principal: up to $1,500,000
  - Counterparty: Summit Community Bank
  - Rate: Wall Street Journal prime rate plus .5%
  - Maturity: October 1, 2024
  - Event: incurrence
  source text: On November 29, 2023, the Company executed a Commitment Letter from the Bank to provide a guidance line of credit specifically to purchase business equipment up to $1,500,000.
  evidence_url: https://www.sec.gov/Archives/edgar/data/924719/000165495423015222/0001654954-23-015222-index.htm
- Debt Financings
  SMITH MIDLAND CORP incurred revolving credit of up to $5,000,000 with Summit Community Bank at Wall Street Journal prime rate with an initial rate of 8.500% and a floor of 4.9 maturing October 1, 2024.
  - Instrument: revolving credit
  - Principal: up to $5,000,000
  - Counterparty: Summit Community Bank
  - Rate: Wall Street Journal prime rate with an initial rate of 8.500% and a floor of 4.9
  - Maturity: October 1, 2024
  - Event: incurrence
  source text: On November 29, 2023, Smith-Midland Corporation (the "Company") renewed its line of credit with Summit Community Bank (the “Bank”) for up to $5,000,000 under substantially the same terms and in the same amount.
  evidence_url: https://www.sec.gov/Archives/edgar/data/924719/000165495423015222/0001654954-23-015222-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.