Rise Line Business Credit, a nationwide asset-based lending firm that provides innovative working capital solutions and portfolio company of Crossroads Impact received $30 million in financing from Texas Capital Bank.
“We are proud of the financing secured by Rise Line, which furthers the goals of Crossroads and its companies and partners to provide optimal solutions for small businesses to achieve their capital goals,” Eric Donnelly, CEO of Crossroads Impact, said.
The loan, provided to a wholly owned entity of Rise Line Business Credit, is the first financing secured since Crossroads Impact Corp and Rise Line’s merger. The financing includes an accordion for growth and is a continuation of an existing financing program for Rise Line, which provides senior secured financing from $3 million to $20 million to lower middle-market companies across North America.
“This facility further expands our capital base, which will allow us to offer financing to companies being pushed out by banks and not able to secure appropriate financing from other nonbanks,” Gaurang Vyas, founder and president of Rise Line Business Credit, said.
“The timing of this financing is quite significant as Rise Line has secured additional funding capital just as the overall economy is slowing down,” Vyas said.
The financing also expands Crossroads’ relationship with Texas Capital Bank, which previously has done a facility with the bank.
“Texas Capital Bank is thrilled to have Rise Line as the latest client in its lender finance group,” Jeff Carbery, executive vice president, lender finance team lead at Texas Capital Bank, said. “We look forward to providing the treasury and credit products that will enable Rise Line to realize its financial goals as well as serve businesses in need.”
