Gibraltar Business Capital (GBC), a leading commercial finance company focused exclusively on the factoring and small asset-based marketplace, and Gibraltar Capital Advance (GCA), a provider of flexible, fast-capital advances on future sales, today announced that they have closed new senior secured credit facilities that increase their borrowing capacity by 50% to $101 million.
“This funding empowers our growth and commitment to deliver value-added lending services to businesses with smart, out-of-the-box solutions that have been the hallmark of our success,” said GBC President Scott Winicour.
“Last year, we tracked 20% year-over-year gains that strengthened our portfolio and advanced our mission to be the go-to for small- and medium-sized businesses that need a creative angle to finance their dreams. We couldn’t have done it without the support of our partners,” Winicour said.
The increase in capital was funded by three key partners: Wells Fargo Capital Finance, part of Wells Fargo & Co. (NYSE: WFC), was the underwriter of a $75 million senior facility for GBC, and Signature Bank, a full-service commercial bank, along with Crystal Financial LLC, an independent commercial finance company, expanded upon GCA’s existing relationship with Signature Bank, to bring GCA’s total funding support to $26 million.
“Partners like Wells Fargo, Signature and Crystal have helped us offer readily accessible capital for our clients, while also energizing our team to further power our growth trajectory and track record,” said GCA President Jim Teppen. Since its inception, Gibraltar has provided necessary financing that has assisted more than 1,000 companies, enabling them to move forward with their business plans.
“We are pleased to be able to work with and support Gibraltar’s management team,” said Andrea Petro, Executive Vice President and Division Manager of Lender Finance for Wells Fargo Capital Finance. “The additional borrowing capacity will enable Gibraltar to expand its role as an innovative financing solution for small- and medium-sized businesses.”
“We are pleased to be one of the Company’s financial partners and provide the capital solution that Gibraltar Capital Advance needed to facilitate their growth and key business objectives just as they have done with the thousands of businesses that required both access to capital and certainty,” said Christopher Arnold, Senior Managing Director of Crystal Financial.
Signature Bank CEO and President Michael O’Rourke noted, “We are a relationship-driven organization, and we too, are pleased to strengthen our partnership and provide capital to Gibraltar Capital Advance. Like GCA, our guiding principal is to look for ways to say yes, enabling businesses to succeed.”
For more information on the Gibraltar family of companies and how they might help your business grow, visit www.gibraltarbc.com.