Daily News: September 23, 2016

Tech Capital Closes Six ABL Deals Totaling $6.1MM


Tech Capital, the first asset-based finance company created by a credit union, originated six  transactions as of August 2016 for a total of $6.1 million. Another $2.5 million in loans are in the pipeline.

Tech Capital, a subsidiary of TechCU, began providing asset-based loans in late 2015 for companies in need of revolving lines of credit for debt refinancing, equipment purchases or as a supplement to working capital.

“We are pleased that our efforts to promote Tech Capital as Tech CU’s asset-based lending finance company is being well received in the marketplace,” said Joe Anzalone, managing director of Tech Capital.

“Our relationship-centric approach has been successful, as evidenced by our strong pipeline and the quality of the relationships Tech Capital has developed in a relatively short period of time.”

The loans include:

  • $1.1 million combined asset-based line of credit and term loan to an enterprise security and risk management company that assess, understands, and manages corporate risk
  • $1 million asset-based line of credit to a company focused on sustainable, environmentally-responsible paper supply company
  • $750,000 asset-based line of credit to a small, privately-held lumber wholesale company specializing in the sale of western softwoods of varying grades and sizes
  • $750,000 asset-based line of credit to a specialist in high-quality consumer electronics
  • $500,000 asset-based line of credit to a professional services company focused on the delivery of cost effective, high-value IT and management business solutions

San Jose, CA-based Tech CU is a $2 billion credit union serving more than 75,000 members.