Siena Lending Group has launched Siena Healthcare Finance to provide a broad range of asset-based lending solutions for small to mid-sized healthcare companies. Jennifer Sheascreen and Edward Kauffman will lead the new team.
Headquartered in Portland, OR, Siena Healthcare Finance will seek to provide credit facilities ranging from $1 million to $30 million to healthcare companies with revenues between $5 million and $250 million, operating in the U.S. and Canada.
Like Siena Lending Group, Siena Healthcare Finance will offer clients maximum flexibility with quick response and turnaround times. Target markets will include healthcare facilities, medical products and technology companies, healthcare service providers, and any provider of goods and services to the healthcare sector.
Sheasgreen will be president of Siena Healthcare Finance. Kauffman will join the division as managing director in charge of new business originations. Sheasgreen and Kauffman have worked together since 2008 and have had a successful track record of building healthcare business units from the ground up. These prior start-ups include Marquette Healthcare Finance, Doral Healthcare Finance and Triumph Healthcare Finance, which was subsequently purchased by CNH Finance.
We are excited about building a business in the healthcare space with a team of extremely qualified and well-respected professionals. Healthcare finance is a specialty that we always wanted to be a part of,” said David Grende, president and CEO of Siena Lending Group.
“We now have expertise and leadership with a proven track record, and can build a business around a sector that represents the largest percentage of GDP spend in the U.S. In addition, the recent acquisition of Siena Capital Finance, Siena’s parent company, by Business Development Corporation of America (BDCA), has helped to propel this strategic initiative.”
“Expanding Siena’s industry coverage to include the healthcare sector helps to strengthen Siena’s product capabilities and presents a compelling channel for growth,” said Richard Byrne, CEO of BDCA, an affiliate of Benefit Street Partners which has more than $3 billion of capital committed to the healthcare sector. “We are excited about adding Jennifer, Ed and team to the Siena platform, and look forward to continuing to support Siena’s growth.”
Sheasgreen has more than 25 years of experience in executive leadership roles spanning all aspects of commercial finance within the healthcare industry. In 2017, Sheasgreen was recognized by the Secured Finance Network, formerly the Commercial Finance Association, as one of the top “50 Women in Commercial Finance.”
Kauffman brings more than20 years of healthcare finance experience to Siena Healthcare Finance. During his career, he has held various business development positions in healthcare lending at CNH, Triumph and Doral, as well as CIT Group, GE Finance and Heller Financial Services.
Stephen Gaut will also be joining Siena Healthcare as vice president of Underwriting and Dan Carroll, as vice president of Portfolio Management.