WFCF Provides Funding Facility to Balboa Capital
Balboa Capital, a provider of equipment financing and small business loan options, announced the acquisition of a revolving credit facility with Wells Fargo Capital Finance. Balboa said it will use this additional capacity to fund the company’s complete portfolio of financing products that are used by small businesses and equipment dealers throughout the U.S. These include commercial business loans, working capital loans, merchant cash advances and franchise financing.
“We are very pleased to extend a credit facility to Balboa Capital Corporation,” said Andrea Petro, division manager of the Lender Finance Division of Wells Fargo Capital Finance, adding, “We have known and admired Balboa’s long track record of success and look forward to supporting Patrick Byrne and his team’s plans for the continued growth of their business.”
Balboa Capital’s solid financial standing, along with its rapid growth, helped establish a strong relationship with Wells Fargo. “Securing financing speaks to the strength of our company as we enter our 25th year in business,” said David Chiurazzi, chief financial officer at Balboa Capital. “Wells Fargo will further enhance the strong foundation that we have and enable us to continue providing dependable funding to our small business customers and vendor partners.”