Over the past 12 months, Gibraltar Business Capital has had a lot of milestones to celebrate. We have experienced an exciting year of growth and development – within our client relationships, our financing partnerships, and our own team. We’re proud to look back on our accomplishments from 2018.
Celebrating Our Partnerships
In March, Gibraltar officially joined Hercules Capital, Inc., an innovative business development company based in Palo Alto, California. Hercules is the nation’s largest non-bank source of venture lending financing in the market, and the company’s entrepreneurial vision aligns perfectly with ours. This acquisition has accelerated our growth and amplified our ability to deliver the creative financing solutions that have been the hallmark of our success.
Leveraging our deep ties with Wells Fargo Capital Finance, we recently increased our credit line from $75 million to $100 million with an accordion feature that could increase the line up to $150 million. The increased borrowing capacity will support our continued growth and broaden our capacity to serve small and mid-market businesses.
This year we broke a significant record, reaching $150 million in total commitments for the first time in our company’s history. We also expanded our credit facility capacity to provide between $2 million and $20 million to better serve businesses and their unique needs. Our customized financing solutions help clients overcome short-term capital challenges, navigate complex transitions, and take advantage of growth opportunities.
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Gibraltar also welcomed two veteran business development executives to the team this year. Located in New York, Elijah Kaplan, Senior Vice President, Northeast Region, brings more than 16 years’ experience in middle-market lending, equity, and restructuring to Gibraltar. Scott Simmons, Senior Vice President, Southwest Region, is based in Dallas and joins Gibraltar with 25 years of experience providing asset-based lending solutions to lower middle-market clients. Our company is stronger and more versatile with the addition of these two new team members.
Looking to 2019
Overall, Gibraltar celebrated robust growth throughout 2018, both cultivating partnerships with new companies and expanding relationships with existing clients. Gibraltar is pleased to wrap up a successful 2018, and we’re looking forward to more new ventures in 2019.
A sincere thanks to all of our partners, clients and colleagues, we look forward to working with you in the new year.