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Bank of America Agents $150MM LOC for Gibraltar Business Capital

May 13, 2021, 07:44 AM
Filed Under: Lender Finance

Gibraltar Business Capital expanded its financing partnership with Bank of America through a new $150MM line of credit.

The line of credit provides Gibraltar the necessary capacity to serve its growing portfolio of lower mid-market businesses seeking flexible, reliable financing while they solve short-term challenges or seize growth opportunities. The new relationship will also support Gibraltar's evolution as it builds toward serving more businesses and continuing its growth trajectory.

"This expanded financing relationship with Bank of America provides us with strong capital backing to continue delivering value-added lending services to businesses through nimble, creative financing solutions," said Gibraltar CEO Scott Winicour. "Having reliable capital backing in this environment through Bank of America builds on our immense growth momentum that's occurred since joining Hercules Capital in 2018."

GBC's new senior line of credit was facilitated by Bank of America as the agent and includes Truist Bank and People's United Bank as participants. Bank of America, a participant in prior financing arrangements with Gibraltar, took on a new role in leading the syndicate. The $150MM line of credit includes added flexibility through an accordion feature that allows for GBC to access up to $200MM.

"Using an asset-based lender like Gibraltar can help businesses increase their borrowing power and gain access to capital to support their fluctuating needs. Every business needs a reliable financing partner that is flexible and responsive," said Steve Pomerantz, Senior Vice President at Bank of America. "We are pleased to support Gibraltar in its mission to provide stability during periods of transformation to help enable the successful growth of businesses across a number of diverse industries."

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