Gibraltar Business Capital expanded its financing partnership with Bank of America through a new $150 million line of credit.
The line of credit provides Gibraltar Business Capital with the necessary capacity to serve its portfolio of lower mid-market businesses that seek financing as they solve short-term challenges or seize growth opportunities. The new relationship will also support Gibraltar’s evolution and growth.
“This expanded financing relationship with Bank of America provides us with strong capital backing to continue delivering value-added lending services to businesses through nimble, creative financing solutions,” Scott Winicour, CEO of Gibraltar Business Capital, said. “Having reliable capital backing in this environment through Bank of America builds on our immense growth momentum that’s occurred since joining Hercules Capital in 2018.”
Bank of America facilitated the new senior line of credit as the agent. Truist Bank and People’s United Bank are also participants in the deal. Bank of America, a participant in prior financing arrangements with Gibraltar Business Capital, took on a new role in leading the syndicate. The $150 million line of credit includes added flexibility through an accordion feature that allows for Gibraltar Business Capital to access up to $200 million.
“Using an asset-based lender like Gibraltar can help businesses increase their borrowing power and gain access to capital to support their fluctuating needs. Every business needs a reliable financing partner that is flexible and responsive,” Steve Pomerantz, senior vice president at Bank of America, said. “We are pleased to support Gibraltar in its mission to provide stability during periods of transformation to help enable the successful growth of businesses across a number of diverse industries.”
