Coast Funding, a provider of alternative financing for small and mid-sized businesses, closed a senior credit facility with Plains Commerce Bank, a South Dakota-based, FDIC-insured institution with over $1.2 billion in assets. The terms of the transaction were not disclosed.
This funding is designed to enhance Coast’s funding capacity, enabling the company to serve more clients, deliver faster approvals and offer more competitive rates.
“This transaction is a meaningful endorsement of the strength of our portfolio, our underwriting discipline, and our team,” Matt Price, founder and CEO of Coast Funding, said. “Plains Commerce has been a valued partner for the past three years. This facility is the natural evolution of our relationship and a critical step forward in executing our long-term vision.”
“Coast Funding has demonstrated exceptional growth and a strong commitment to serving small businesses,” Chris Wasmund, chief operating officer of Plains Commerce Bank, said. “We’re proud to support their continued expansion and be part of a partnership that helps entrepreneurs thrive.”
