Lendr closed a $25 million senior credit facility. MidCap Financial Trust served as the administrative agent on the transaction.
The agreement provides Lendr with increased financing power and the expansion of the facility to $50 million.
“Partnering with MidCap will strengthen Lendr’s position to expand and support the small- and medium-sized business community,” said Tim Roach, CEO of Lendr. “MidCap has displayed a unique understanding of our industry as well as the ability to think creatively in structuring the transaction. We look forward to growing our financing platform with [their] oversight.”
“We are excited to partner with Tim and the rest of the Lendr team as they grow the platform,” said JD Gettmann, managing director at MidCap Financial. “This transaction provides flexible capital that will enable Lendr to execute on its near-term growth plan.”
Founded in 2011, with offices in Chicago and New York, Lendr offers fast, friction-free financial solutions through working capital and factoring to help small- and medium-sized business owners focus on growth.