IDB Bank, a New York-based private and commercial bank, has provided a working capital facility to Franklin Capital to benefit the firm’s operating cash flow amid strategic expansion. Serving as the sole lender, the deal signals the bank’s continued lending activity through its national asset-based lending and factoring division, empowered by its specialty financing capabilities within the lower-middle market.
“Our recent deal with Franklin Capital is an important part of IDB’s growth story, powered by our relationship-first banking practices and agile lending capabilities amid a challenging macroeconomic environment,” Neil Wolfe, head of asset-based lending and factoring at IDB, said. “We understood their unique need for working capital in order to keep pace with exciting growth across their business, and we were able to work closely with them to build a solution that would help them to maximize opportunity. We will continue to leverage these practices to expand the scope and reach of our business to empower our clients across the middle market.”
“With our business growing, we found ourselves exceeding our line of credit. We are fortunate to have found the wonderful team at IDB that truly understands our businesses and provides the flexibility that is crucial for our ongoing growth and success,” Sue Duckett, chief operating officer of Franklin Capital, said. “Their partnership has been invaluable in enabling us to assist more small and medium-sized businesses with creative AR and PO financing accommodations.”
