Credibly, an online fintech lending platform that makes access to capital for small businesses simple and intuitive, closed a $70 million credit facility with SunTrust Bank.
SunTrust served as the structuring and administrative agent, committing $50 million, with AloStar Bank coming in as the first participant with a $20 million commitment. The terms of the deal allow for flexibility to increase the committed amount by another $30 million, bringing the total facility potential to $100 million.
Founded in 2010 and with offices in Michigan, Arizona, Massachusetts and New York, Credibly is a fintech platform that leverages data science and analytics to improve the speed, cost and choice of capital available to small businesses in the U.S. All loans obtained through Credibly are made by WebBank, a Utah-chartered industrial bank and member of the FDIC.
The facility more than doubles Credibly’s on-balance sheet funding capacity, accelerating its ability to provide more small businesses with access to affordable capital, regardless of credit profile or life cycle stage.
“Being vetted and validated by a bank partner of SunTrust’s stature is one of our greatest milestones to date, and provides us with one of the lowest costs of capital in the industry,” said Glenn Goldman, CEO of Credibly. “The continued participation from AloStar – our first credit facility lender going back to 2014 – gives us increased flexibility in our product suite, which in turn provides better terms for borrowers and helps us execute on our core philosophy that all small businesses deserve access to right-sized capital.”