RDM Capital Funding Closes up to $50.0 Million Credit Facility with Arena Investors
Apr 29, 2021, 13:57 ET
CLIFTON, N.J., April 29, 2021 /PRNewswire/ -- RDM Capital Funding, LLC, a technology enabled specialty finance company has entered an agreement with Arena Investors, LP ("Arena"), a global asset manager, under which they will be providing a new $25 million credit facility, with an accordion up to $50 million. The agreement with Arena marks the second institutional credit facility for RDM Capital Funding, and a significant increase from their first facility of $7.5 million in 2018, which was upsized to $10 million in 2019. RDM Capital Funding was founded in 2015 and focuses on improving the economic landscape in the United States by changing the way small businesses access short-term working capital. The business has expanded significantly in both funding capability and size since the close of its first facility and will now enter a new phase of growth through the facility with Arena.
"Small business already had a much harder time accessing capital relative to big business. The onset of the housing crisis in 2008 exacerbated that problem and the pandemic has made it even more acute. We are happy to be able to expand the number of small businesses we can serve, and we look forward to working with Arena in accomplishing this," said Reuven Mirlis, Chief Executive Officer of RDM.
"We are excited to facilitate RDM's activities in small business finance at a time when there are limited options and great needs for capital, and where RDM can provide that capital without unduly burdening merchants receiving it. This transaction fits well with Arena's broader mission to provide flexible funding solutions for companies and ideas which have unique growth or liquidity needs," said Victor Dupont, who leads Arena's investments in the financing of the SME sector.
About RDM Capital Funding:
Founded in 2015, RDM Capital Funding is a technology enabled specialty finance company, which provides working capital to small businesses. The company provides small businesses easy-to-access capital, through a quick, efficient, and transparent process. RDM is headquartered in Clifton, NJ and employs 12 personnel. See www.rdmcapitalfunding.com for more information.
About Arena Investors:
Arena Investors is an institutional asset manager founded in partnership with The Westaim Corporation (TSXV: WED). With $2.2 billion of committed assets under management as of January 1, 2021, and a team of over 60 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations. The firm brings individuals with decades of experience, a track record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions that cannot be addressed by banks and other conventional financial institutions. See www.arenaco.com for more information.
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SOURCE RDM Capital Funding, LLC
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