CHICAGO, May 12, 2021 /PRNewswire/ -- Gibraltar Business
Capital, an industry leader in asset-based lending for lower
middle-market businesses, announced an expanded financing
partnership with Bank of America through a new $150MM line of
credit.
The line of credit provides Gibraltar the necessary capacity to serve its
growing portfolio of lower mid-market businesses seeking flexible,
reliable financing while they solve short-term challenges or seize
growth opportunities. The new relationship will also support
Gibraltar's evolution as it builds
toward serving more businesses and continuing its growth
trajectory.
"This expanded financing relationship with Bank of America
provides us with strong capital backing to continue delivering
value-added lending services to businesses through nimble, creative
financing solutions," said Gibraltar CEO Scott Winicour. "Having reliable capital backing
in this environment through Bank of America builds on our immense
growth momentum that's occurred since joining Hercules Capital in
2018."
GBC's new senior line of credit was facilitated by Bank of
America as the agent and includes Truist Bank and People's United
Bank as participants. Bank of America, a participant in prior
financing arrangements with Gibraltar, took on a new role in leading the
syndicate. The $150MM line of credit includes added flexibility
through an accordion feature that allows for GBC to access up to
$200MM.
"Using an asset-based lender like Gibraltar can help businesses increase their
borrowing power and gain access to capital to support their
fluctuating needs. Every business needs a reliable financing
partner that is flexible and responsive," said Steve Pomerantz, Senior Vice President at Bank
of America. "We are pleased to support Gibraltar in its mission to provide stability
during periods of transformation to help enable the successful
growth of businesses across a number of diverse industries."
Gibraltar has underwritten
credit facilities for over 300 borrowers and extended over $650MM
in total commitments. The company 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
partners.
For more information, visit www.gibraltarbc.com.
About Gibraltar Business Capital:
Chicago-based Gibraltar Business Capital is a
well-capitalized, specialty finance company delivering working
capital in the form of asset-based loans from $3 to $20 million.
Gibraltar is an expert financial
partner providing lower mid-market companies nationwide access to
capital when they need it most to solve challenges or fuel growth
at any stage of the business lifecycle. With more than 70 years'
experience, Gibraltar's team is
trained to listen, think differently, and take unique circumstances
into account. Gibraltar Business Capital is a portfolio company of
multi-billion dollar specialty finance company Hercules Capital,
Inc. (NYSE: HTGC). For more information, visit
www.gibraltarbc.com.
About Bank of America:
Bank of America is one of the
world's leading financial institutions, serving individual
consumers, small and middle-market businesses, and large
corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in
the United States, serving
approximately 66 million consumer and small business clients with
approximately 4,300 retail financial centers, including
approximately 2,700 lending centers, 2,600 financial centers with a
Consumer Investment Financial Solutions Advisor and approximately
2,400 business centers; approximately 17,000 ATMs; and
award-winning digital banking with approximately 40 million active
users, including approximately 31 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry
leading support to approximately 3 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and approximately 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
CONTACT:
Jessica Moyer
jmoyer@pmpronow.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/gibraltar-business-capital-announces-150mm-line-of-credit-with-bank-of-america-301288986.html
SOURCE Gibraltar Business Capital