United Capital Renews Funding Facility With First Tennessee Bank
United Capital Funding Corp., a provider of professional accounts receivable-based funding and credit management solutions in the United States, announced that it has finalized a renewal of its current financing facility with Memphis, TN-based First Tennessee Bank, a subsidiary of First Horizon National Corp. The senior secured facility is an early renewal of a credit facility first entered into between United Capital and First Tennessee in 2006.
“We are honored to continue our relationship with First Tennessee, ensuring that we will be able to continue to expand our portfolio and provide solutions that meet our clients’ needs,” said Ivan Baker, CFO and managing partner of United Capital Funding. “Over the years, we have enjoyed the outstanding professional services provided by First Tennessee, and we value the support we have received from everyone we work with there.”
Chris Youmans, president and managing partner of United Capital, added: “We appreciate the professionalism of First Tennessee’s due diligence team and their management team’s approval to provide capital that allows us to keep our clients growing.”
“First Tennessee is pleased to continue to have United Capital in our growing portfolio of relationships with specialized finance and factoring companies,” said Steve Brimm, vice president for First Tennessee. “United Capital represents the type of high quality specialty finance company that we are committed to serving. We look forward to working with them as they continue to grow.”
United recently reached a milestone when it announced that it has reached $1.5 billion in client funding since its formation in 1997.
The 4,700 employees of First Horizon National Corp. provide financial services through about 170 bank locations in and around Tennessee and 18 FTN Financial Group offices in the U.S. and abroad.