Alterna Capital Solutions, a specialty and alternative financing lender to small businesses experiencing growth, completed an additional $15 million private equity investment from Alterna Equity Partners, coinciding with a line increase of $30 million from Texas Capital Bank to complement a $50 million asset-based credit facility led by Wells Fargo Capital Finance.
The equity extension and line increase will be used to meet the growing demand from small-business owners looking for a collaborative financing partner not only for alternative funding that’s complementary to their established bank relationships but also long-term guidance for adjusting to expected and unexpected cash flow trends. The total balance sheet for Alterna Capital Solutions as they celebrate their second anniversary now reaches $105 million.
“We’re entering year three with over 50 small-business clients representing nearly half a billion in total receivables purchased. I’m impressed by our performance and proud of our team’s skill at being a creative financial partner for small-business owners,” Stan Carpenter, founder and president of Alterna Capital Solutions, said. “The private equity show of confidence and line increase are a reflection of our team’s lost-art ability to listen and quickly respond to specific challenges small-business owners are facing today. Our early partnership with Alterna Equity Partners has proven foundational for remaining flexible and collaborative with clients, and our new partnership with the commercial team at Texas Capital Bank further fuels our growth in every region where we operate.”
“We’re pleased to join an impressive group of equity investors and lenders in support of Alterna’s growth,” Jeff Carbery, group head of lender finance at Texas Capital Bank, said. “We look forward to this new relationship with the Alterna Capital Solutions team as they provide a critical service for the millions of small businesses that are the backbone of our American economy.”
“It was refreshing to meet a lending partner who understood how the seasonality of our business creates cash-rich and cash-poor intervals,” Sean Beers, president of Portland Product Werks, said. “The Alterna team jumped right in, listened to our concerns and objectives, and were willing to negotiate to honor our requests. They’re hardworking, genuine, and a perfect extension of our financing team.”