Bridge Bank Provides IZEA Facility
IZEA closed on a $5 million secured facility with Bridge Bank. The facility is an increase of $3.5 million on the existing facility the company established with Bridge Bank in March 2013.
The facility is based upon an advance rate of the company’s eligible trade A/R. The company currently has no balance outstanding on the facility.
“Bridge Bank has been a strong financial partner for the company over the past two years,” said Ted Murphy, IZEA’s chairman and CEO. “I am pleased to expand our relationship with this expanded credit facility, it will provide us with additional financial flexibility as we continue to grow our revenue base and make investments in our future.”
“We pride ourselves in partnering with industry pioneers,” said Cynthia Tung, SVP and business line manager at Bridge Bank. “IZEA has grown in many ways since we first began our relationship and we are pleased to support the company as it enters its next chapter.”
IZEA operates an online marketplace that connects brands with content creators.