Old Hill Partners increased its committed credit facility to ByzFunder NY, a New York-based provider of working capital solutions in the form of merchant cash advances, to $12 million. The commitment increase will allow ByzFunder to expand into additional credit tiers.
“We have been very satisfied with the quality of ByzFunder’s originations, performance to date and the overall quality of their operations. We believe the company is well-positioned for further growth and we are enthused to be part of it,” Peter Faigl, senior portfolio manager at Old Hill Partners, said.
“As our company builds on our existing partnership with Old Hill, this credit facility will enhance ByzFunder’s position as an emerging leader in the business alternative financing space,” Ilya Fridman, CEO at ByzFunder, said. “This facility furnishes our company with additional flexibility to expand our balance sheet to fully service business owners. Old Hill provides ByzFunder the assistance needed to advance near-term and long-term priorities in preparation for an anticipated period of significant innovation and growth.”
Old Hill Partners is an alternative asset manager focused on asset-based lending transactions with borrowers seeking $10 million to $50 million in financing.
