WFCF Provides Revolver to Siena Lending Group
Siena Lending Group, a provider of asset-based lending to businesses in the lower middle market, announced the completion of a revolving credit facility with Wells Fargo Capital Finance. Siena will use this credit facility to expand its balance sheet and continue funding small and medium sized businesses throughout the United States.
“We are very pleased to extend this credit facility to Siena,” said Andrea Petro, division manager of the Lender Finance Division of Wells Fargo Capital Finance, adding “We have known and have been impressed with David Grende and his team’s long track record of success and look forward to supporting Siena’s plans for continued growth.”
Siena’s business model, team and sponsorship by Solaia Capital were important factors in securing the financing with Wells Fargo. “Our longstanding relationship with Wells Fargo coupled with its market dominance in the lender finance sector make Wells Fargo the perfect financing partner for Siena,” said Michael Carrazza, CEO of Solaia Capital and Siena’s Chairman. “Securing this attractive credit financing speaks of the strength of Siena’s platform and growth opportunities.”
In addition to providing direct financing to businesses, Siena offers turn-key origination and servicing capabilities for participating community banks that are seeking exposure in the ABL market. Siena provides community bank partners the ability to acquire high quality, variable rate, low risk and economically attractive loans without direct cost or increased SG&A.
“Wells Fargo will further enhance our strong foundation and enable us to continue providing dependable funding to our customers,” said David Grende, Siena’s president and CEO. He added, “Our business model targets companies that may have unique financing needs that may not fit into the credit profile of traditional bank lending. Our funding from Wells Fargo is a key component that will help us expand and meet our business objectives.”