DecisionPoint Systems, a leading provider and integrator of Enterprise Mobility and Internet of Things (IoT) solutions, announced it has signed new commercial banking relationships with Union Bank combined with CapitalSource Business Financial Group, as the company's primary line-of-credit lender. The new relationships replace the company's previous commercial banker and primary lender, where the line-of-credit has been fully repaid and closed.
DecisionPoint now has a three-year revolving line-of-credit of $6 million, at an interest rate of 1.25 points over the Prime Rate, a full 200 basis points lower than the former lender's rate. Total fees with Union Bank and CapitalSource are significantly lower than the fees charged by the company's previous lender, adding to the savings. The line-of-credit is secured by substantially all of DecisionPoint's assets, similar to the previous lender relationship.
CEO Steve Smith commented, "Today's DecisionPoint is ready to grow again. We are leaner through continued efforts to reduce operational and financial expenditures. We have become more focused by divesting non-core operations that were negatively affecting cash flows. Our innovative solutions enable front line workers in retail, transportation, warehousing and other industrial segments to be in constant communication with the information they need, when and where they need it. We offer a full range of wireless, mobility and RFID technologies and products to meet our customers' diverse needs. The new relationships with Union Bank and CapitalSource will further enhance our ability to increase income, acquire new customers and better serve our existing customer base."
As a division of Pacific Western Bank, a wholly-owned subsidiary of PacWest Bancorp, CapitalSource makes commercial loans to small and middle-market businesses nationwide.
Headquartered in New York, MUFG Americas Holdings Corporation is a financial holding company and bank holding company with total assets of $117.2 billion at June 30, 2016. Its principal subsidiary, MUFG Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies and major corporations.
DecisionPoint Systems, Inc. delivers improved productivity and operational advantages to its clients by helping them move their business decision points closer to their customers.