Breakout Capital completed a $45 million credit facility made up of a senior credit facility provided by Synovus Bank and a subordinate credit facility provided by an Austin, TX-based credit fund. Under the terms of the agreement, Breakout Capital may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.
“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” McLean Wilson, CEO and president of Breakout Capital, said.
This facility will enable Breakout Capital to meet demand from small businesses seeking capital. Breakout Capital provides a range of financing products, including working capital term loans and invoice factoring, and caters to a wide range of clients.
“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” Wilson said. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”
“We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital,” Steven Safirstein, director of asset-based lending within Synovus Bank’s specialty finance division, said. “This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”
