CIBC Bank provided a $60 million revolving credit facility to Alliance Funding Group, a specialty finance company.
“AFG has a long history of successfully originating specialty finance transactions, including equipment leasing, working capital and structured finance, and this new credit facility from CIBC will enable us to retain more of our business on balance sheet as we continue to grow our originations” Brij Patel, founder and CEO of Alliance Funding Group, said. “We see strategic opportunities going into 2021 and beyond where we can increase our asset base while remaining active in the capital markets to provide best products and services to our customers and vendor partners”.
“CIBC is pleased to provide this financing as AFG works to support small and medium size businesses with access to affordable credit,” Jeff Michalczyk, managing director and group manager of CIBC Specialty Finance, said.
