WebBank provided a new senior secured, asset-backed revolving credit facility to an affiliate of Libertas Funding. WebBank is the sole arranger and lender under the facility.
WebBank is a national issuer of consumer and small business credit products through its strategic partner platforms, including retailers, manufacturers and fintech companies, and provides asset-backed lending and other credit facilities to strategic partners, credit funds and other lenders with a focus on specialty finance assets.
Libertas will use borrowings from the credit facility to purchase participations in merchant cash advances to small and medium-sized businesses (SMBs) originated and issued by Libertas and its subsidiaries.
“We are thrilled to expand our partnership with WebBank, a true digital banking leader whom we greatly respect and trust,” Randy Saluck, CEO of Libertas Funding, said. “This new credit facility provides even more firepower to Libertas to provide small and medium-sized businesses with quick access to funding to meet their working capital and growth requirements. Our hands-on approach featuring our customer-focused process has truly resonated with SMBs since our inception five years ago. This important new component of our WebBank partnership will help fuel our growth, enhancing our ability to assist our clients in reaching their goals.”
“We are excited to continue to provide financing options through asset-backed lending facilities. Libertas Funding is an important and valuable strategic partner through which WebBank currently issues term loans to SMBs. With this new asset-backed lending facility, we are happy to expand and grow our relationship with Libertas to now also finance Libertas’ merchant cash advances to SMBs,” Jason Lloyd, president of WebBank, said. “This transaction supports WebBank’s strategic goal of providing asset-backed lending facilities as a lead or sole arranger and lender.”
