First Horizon Business Credit, the asset-based lending division of First Horizon Bank, provided a $35 million line of credit to Standard Premium Finance Management, a Florida-based premium finance company. The facility is secured by accounts receivable and offers the company additional flexibility for its ongoing growth.
“We are excited to welcome this new client to the First Horizon family and are pleased to partner with them in their continued trajectory of success,” Henry Sosa, senior vice president and senior ABL relationship manager of First Horizon Business Credit, said.
“We have a nimble originations and underwriting process with experience in our client’s line of business that allowed us to quickly identify, understand and execute in order to provide an ABL financing solution. The structure offers the company increased flexibility, availability and borrowing capacity to support its ongoing working capital requirements and growth,” Hank Grosswald, senior vice president and senior ABL portfolio manager for First Horizon Business Credit, said.
“We are very pleased to start a relationship with Standard Premium Finance,” Kevin Beeson, executive vice president and national head of asset-based lending at First Horizon Business Credit, said. “Leveraging our asset-based lending experience into a broader footprint is a key strategic initiative for us, and Florida is an important region for First Horizon Bank.”
