Idea Financial, a provider of small business lines of credit, closed a new $50 million warehouse facility led by Performance Trust Capital Partners. This facility enhances Idea Financial’s lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.
The new facility was made possible due to Performance Trust’s relationships with community banks and strengthens Idea Financial’s position in offering competitive and flexible financial products to Main Street businesses across the United States.
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks,” Larry Bassuk, president and co-founder of Idea Financial, said. “With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
“As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth,” Justin Leto, CEO and co-founder of Idea Financial, said.
