Gibraltar Business Capital (GBC) secured an increased line of credit with Bank of America, building upon the partnership first announced in May 2021.
While Bank of America remains the lead agent in the expanded senior line of credit financing arrangement, the syndicate backing this credit line also includes M&T Bank, Truist Bank and Wells Fargo. With this recent expansion, Wells Fargo joined the syndicate banking group. The increased line of credit allows GBC the ability to continually scale its growing portfolio of lower mid-market businesses seeking flexible, reliable financing while they solve short-term challenges or seize growth opportunities.
“Through the personal touch GBC brings to business financing, we have been able to expand our lending relationships with industry-leading financial services organizations that help us serve more businesses,” Scott Winicour, CEO of Gibraltar, said. “Our strong capital backing from these organizations allows us to continue achieving our growth goals.”
Over the past year, GBC has strengthened its commitment to provide companies and their advisors fast access to reliable working capital solutions by offering asset-based loans up to $100 million. GBC’s business model has evolved to offer larger facilities, which has allowed the company to service more companies as they grow their own operations.
“Businesses today need fast access to reliable financing through a trusted partner that is flexible, creative and responsive,” Steve Pomerantz, senior vice president at Bank of America, said. “Relying on an asset-based lender like GBC helps businesses boost their borrowing power and gain access to capital to achieve short-term objectives and scale toward sustainable growth.”
