SG Credit Partners closed a $2 million credit facility for Enterprise SaaS.
The Enterprise SaaS platform enables companies to prepare and oversee RFPs and other business responses with speed, accuracy, and compliance. The company’s recurring revenue is $4.5 million.
The private equity backed company was emerging from an operational restructuring and planned to rebuild its tech platform to increase functionality, improve UX, and drive sales. The company’s existing bank lender was not willing to finance these initiatives so SG Credit was approached to refinance the existing bank lender and provide additional liquidity so the Company could execute on its plan.
SG Credit provided the company with a bifurcated loan structure consisting of a $1 million interest-only loan to refinance the existing debt and a $1 million term loan to finance the company’s growth initiatives.
This structure provided the company with more than 12 months of runway and allowed the company’s existing bank lender to exit the credit as desired.
SG Credit was able to close the deal within three weeks.
