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Wells Fargo Capital Finance Leads $90MM Facility to North Mill Capital

January 28, 2014, 09:00 AM
Filed Under: Lender Finance

North Mill Capital, LLC (North Mill), a leading ABL lender and factor for small businesses, announced it has secured a new, three-year, $90 million credit facility led by  Wells Fargo Capital Finance, part of Wells Fargo & Company, BMO Harris Bank N.A., Flushing Bank, Capital One National Association and Webster Bank N.A. The new facility replaces North Mill's existing Senior Secured Credit Facility and will be used for working capital and to support its growth. North Mill Capital operates two full service locations, Princeton, New Jersey and Minneapolis, Minnesota.

North Mill brings over 30 years of ABL and factoring experience to the marketplace and a client base throughout the United States. It offers credit facilities from $100,000 or less and up to $15 million to businesses which cannot obtain sufficient support from traditional C&I bank areas.

"We are pleased to work with Wells Fargo Capital Finance. As we have grown and expanded our products and geographic reach we now require the strength of Wells Fargo and the sophistication in lender finance that it brings with it" said Jeffrey Goldrich, president and chief executive officer of North Mill. "We worked closely with Andrea Petro, Stewart Hayes and the Wells Fargo team to structure a credit facility, providing us with increased liquidity, the ability to pursue strategic opportunities, continue with organic growth and stay competitive."

"North Mill is a strong brand and highly reputable company within the ABL market space and I am pleased to have Wells Fargo lead this credit facility," said Andrea Petro, senior managing director and division manager of the Lender Finance division at Wells Fargo Capital Finance. "We look forward to continuing our long term relationship with North Mill."  

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