Following a 67% spike in its ABL portfolio in 2016, Gerber Finance Inc., a growth-focused lender specializing in asset-based loans and trade finance solutions, announced 2017 expansion plans that will allow the company to a service larger client base, increase its loan caps from $10 million to $15 million and expand its geographic footprint.
Gerber Finance, founded in 1995 by Gerald Joseph, has grown from a startup in trade finance serving the greater New York area to a leading national based asset based lender.
“Following the tremendous growth in our Asset-Based Lending portfolio in 2016, we decided to seek a new capital partner that would allow our firm to continue to grow. We decided to partner with Global Fund Holding, parent company of Trade Finance Solutions, a Miami based international financing firm, as we believe their focus on trade finance solutions complements the foundation our company which was built on-inventory finance. We believe their cross-border finance capability will fit in well with our non-US portfolio.” Gerald Joseph, CEO of Gerber Finance Inc.
Trade Finance Solutions, founded in 2006, provides short-term financing solutions, including factoring, supply chain, purchase order funding and asset-based lending, to growing small businesses and middle market companies around the world, from start-ups to established enterprises. It has offices in Miami, Toronto and London.
“We are really pleased to be working with Gerber Finance; their lending philosophy and respected heritage make them a very strong market player with a diversified client base and an impressive senior management team who will continue to move Gerber forward, Gerber will continue to run independently as before: same team, same location, and most importantly same credit and business viewpoint. We are not messing with success. At TFS we are intent on expanding our global presence and will continue to look for new opportunities,” Steve McDonald, President of TFS.
Gerber Finance also announced that because of its recent success it increased its syndicated facility led by Bank of America as well as invited additional institutions into the facility.
“We are extremely grateful for the strong relationships we have with our banks and the support they have provided as we continue to expand. These are exciting times at Gerber and we could not be more enthusiastic about the opportunities that lay ahead and we are ready to seize them immediately. First up we have charged Barry Schneck, industry veteran, with the responsibility of opening the southeast market where we believe we can successfully expand our geographic footprint. In addition, we have promoted Barry Joseph to SVP to help better manage our growing portfolio and further improve the service we provide to our thriving clients,” Jennifer Palmer, President of Gerber.