Gibraltar Business Capital (“GBC”) is proud to announce it has secured an increased line of credit with Bank of America, building upon the partnership first announced in May 2021.
While Bank of America remains the lead agent in the expanded senior line of credit financing arrangement, the syndicate backing this credit line also includes M&T Bank, Truist Bank and Wells Fargo. With this recent expansion, Wells Fargo joined the syndicate banking group. The increased line of credit allows GBC the ability to continually scale its growing portfolio of lower mid-market businesses seeking flexible, reliable financing while they solve short-term challenges or seize growth opportunities.
“Through the personal touch GBC brings to business financing, we have been able to expand our lending relationships with industry-leading financial services organizations that help us serve more businesses,” said Gibraltar CEO Scott Winicour. “Our strong capital backing from these organizations allows us to continue achieving our growth goals.”
Over the past year, GBC has strengthened its commitment to provide companies and their advisors fast access to reliable working capital solutions by offering asset based loans up to $100 million. GBC’s business model has evolved to offer larger facilities, which has allowed us to service more companies as they grow their own operations.
By working with our banking partners, GBC has continued to support companies looking for larger financing facilities as they look to scale beyond their initial touchpoint with the GBC team. Expanding our financing levels to serve companies with greater capital needs has allowed us to deliver new opportunities for businesses across numerous industries.
Gibraltar prides itself on taking the time to create one-on-one connections between client leadership and the decision makers at GBC, which allows us to offer more creative, successful financing across unique market demands and opportunities.
“Businesses today need fast access to reliable financing through a trusted partner that is flexible, creative and responsive,” said Steve Pomerantz, Senior Vice President at Bank of America. “Relying on an asset-based lender like GBC helps businesses boost their borrowing power and gain access to capital to achieve short-term objectives and scale toward sustainable growth.”
Gibraltar Business Capital is a portfolio company of multi-billion-dollar specialty finance company, Hercules Capital, Inc. (NYSE: HTGC). Since partnering with Hercules Capital, Inc. back in 2018, GBC has continued its growth trajectory and the partnership has amplified Gibraltar’s financing capabilities, including this up market expansion.
GBC has become a leader in its industry by leveraging its experience in a variety of business sectors, innovation in developing customized credit solutions and expertise in working with private equity and other financial sponsors.