Daily News: January 9, 2014

BMO Harris Leads Oak Street Facility Increase

Oak Street Funding announced it increased its facility from $55 million to $105 million with a consortium of banks led by BMO Harris Bank.

Oak Street continues to grow and has expanded its maximum loan amount from $10 million up to $15 million.

“BMO Harris Bank works to partner with market leaders, such as Oak Street Funding, to provide solutions that meet market demand, including those of our clients and customers,” said William Bower, regional SVP and corporate banking group manager of BMO Harris Bank. “Oak Street Funding plays an important role in providing capital for the insurance industry, and no other company understands the unique needs of this industry as thoroughly as Oak Street Funding.”

“We’re committed to helping insurance agents, brokers and MGAs of all sizes meet their growth, acquisition and succession goals,” said Rick Dennen, CEO of Oak Street Funding. “To do so means we have to constantly evaluate customer needs and make adjustments to our facilities and infrastructure in order to meet the demand. It also means Oak Street has to be vigilant about maintaining a healthy portfolio so our bank partners are comfortable increasing our credit facilities as we grow. Because our bank consortium partners understand our business and the value we can offer to the insurance industry, they each have become valuable partners in growing our business.”