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.
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.