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Square 1 Bank Provides $5.5MM Credit Facility to TaskEasy, Inc.

September 22, 2016, 07:42 AM
Filed Under: Specialty Industries

TaskEasy, Inc. announces the availability of two new credit facilities to support its continued growth. Enhanced Community Development, a subsidiary of Enhanced Capital, provided $1.65 million in debt financing through the federal New Markets Tax Credit program, the Utah Small Business Jobs Act, and private capital from Goldman Sachs’ Urban Investment Group. In addition, Square 1 Bank, a division of Pacific Western Bank, has renewed a $2.2 million facility, first established in May 2015, and has increased the amount to $5.5 million.

“Having Square 1 and Enhanced Community Development as financial services partners will help provide us with very secure footing for our next growth period,” said Ken Davis, CEO of TaskEasy. “These debt facilities, combined with our recent $12 million series B fundraising, are a good vote of confidence in our business model.”

In 2015, Goldman Sachs provided equity and a loan to Enhanced Community Development to make loans to small businesses in Utah. TaskEasy worked with Enhanced Community Development to pursue specific community investment benefits. As a fast-growing startup headquartered in a low-income community, TaskEasy is contributing to the economic redevelopment of the Millcreek neighborhood of Salt Lake City. The financing agreement between TaskEasy and Enhanced Community Development is in part the result of that qualification.

“Enhanced Community Development is a leader in using federal New Markets Tax Credits to provide innovative financing to small businesses. We are excited to partner with TaskEasy in both advancing its innovative services and encouraging development in an economically disadvantaged area,” said Richard Montgomery, vice president of Enhanced Community Development. “The federal New Markets Tax Credit program along with the Utah Small Business Jobs Act are helping promising businesses and organizations access the capital they need to thrive and create jobs. We look forward to working with the TaskEasy team as they continue to grow, hire and train more employees, and reach new customers.”

“Goldman Sachs is pleased to contribute to the growth of TaskEasy, which creates quality jobs and promotes economic development in the area,” said Margaret Anadu, Managing Director who leads the Urban Investment Group at Goldman Sachs. “This is a great example of how the public and private sector can partner together to provide opportunities for small businesses through the New Markets Tax Credit program and the Utah Small Business Jobs Act.”

“TaskEasy continues to change how people think about exterior maintenance by connecting homeowners and property managers directly to vetted, insured landscaping vendors,” added Adam Glick, senior vice president, technology banking and syndications at Square 1. “We are excited to continue our relationship with the TaskEasy team and support the company’s commitment to strengthen local communities and economies.”

Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC.

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