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Alterna Capital Solutions Adds $65MM to LOC During Firm’s Record Quarter

May 10, 2023, 07:57 AM
Filed Under: Legal Finance

Alterna Capital Solutions (ACS), a specialty and alternative financing lender to small businesses experiencing growth, added Bank of America to its Senior Lending syndicate that includes Truist Financial and is led by Wells Fargo Capital Finance. The line of credit increase during the first quarter — $50 million by Bank of America and $15 million by Wells Fargo — will be used to continue coupling competitive rates with unmatched flexibility to bring world-class service to underserved small-business owners. Backed by a strong consortium of banks in a senior line of credit now totaling $205 million, ACS sees another year of growth ahead.

News of the line increase arrives during the best single quarter (Q1 2023) in ACS history. It also follows the firm’s personnel growth last year when they added a sales and originations lead in the Mountain & Desert Region, two inside sales specialists, and five operational full-time team members—all hired to meet demand from a rapidly growing client base.

“I’m extremely proud of the team and the results we’ve achieved in less than five years,” said Stan Carpenter, President & Founder. “As we grow and our client base widens and deepens, we’re seeing an increase in the size of the deals and duration of engagement. Thanks in part to support from Wells Fargo, Truist and Bank of America, we’re positioned strongly for continued growth as we serve small businesses seeking a financing partner capable of long-term guidance and funding complementary to their established bank relationships.”

“We are pleased to further expand our relationship with the team at Alterna Capital Solutions,” said Stewart Hayes, Managing Director at Wells Fargo Capital Finance. “ACS’s mission to support the needs of the small business sector is an important one, and we look forward to continuing to support their growth.”

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