Gibraltar Business Capital expanded its financing partnership with Bank of America through a new $150 million line of credit. Bank of America facilitated the new senior line of credit as the agent. Truist Bank and People’s United Bank are also participants in the deal.
Gibraltar Business Capital is celebrating 10 years of serving middle-market companies with the access to liquidity they need to thrive. Over the past decade, GBC has supported more than 200 borrowers with $500 million in funding commitments.
Gibraltar Business Capital received an increase in its credit line with Wells Fargo for the second straight year.
Gregg Marsicano joins Gibraltar as the newest member of its business development team. He is senior vice president for the Northwest Region with responsibility for originating asset-based credit facilities across Northern California, Washington, Oregon, Wyoming, Idaho, Alaska and Hawaii.
Gibraltar Business Capital increased its credit line with Wells Fargo Capital Finance from $75 million to $100 million, with an accordion that could increase the line up to $150 million.
Gibraltar Business Capital promoted Jessica Moyer and Agnes Falconer to senior vice president of Marketing and Operations and vice president of Operations, respectively. The firm also hired Diane Jankowski as vice president, loan restructuring officer.
Hercules Capital entered the commercial finance sector through its strategic acquisition of all of the outstanding equity of Gibraltar Business Capital.