The new credit facility also included an accordion feature expandable to $100 million, subject to lender consent.
The funding will be used to support the company’s continued growth, develop new financial technology, and give consumers the funding they need.
EasyPay provides instant decisions on finance approvals while the customer is still in the shop. Serving more customers helps more consumers, and also generates more revenue for the auto repair shop, a true win-win for the consumer and shop owner. The company also has a no-money-down policy and a 90-day interest rebate promotion which provides cash when customers need it, for a maximum cost of $40 when paid back within the promotional period.
“We are excited that our growth will be funded by the most prominent lender in our industry,” said Scott Vertrees, CEO of EasyPay Finance. “Our team has executed our vision to grow our small business clients by funding even more of their customers, who increasingly rely on alternative forms of financing.”