Gibraltar Business Capital, an industry leader in providing small and mid-market businesses with capital to solve short-term challenges or seize growth opportunities, announced today an increase in its credit line with Wells Fargo Capital Finance, part of Wells Fargo & Co. (NYSE :WFC), increasing its borrowing capacity from $75 million to $100 million in support of continued growth.
The credit facility also includes an accordion feature, which could increase the line up to $150 million in anticipation of Gibraltar’s continued growth over the next year.
“The new facility will expand our ability to serve small and mid-market businesses and intensify the momentum gained over a successful summer,” said Gibraltar CEO Scott Winicour. “Gibraltar’s rapid growth over the past year will be supported by our new credit line so we can continue to provide innovative working capital financing solutions and build new partnerships.”
Since 2010, Gibraltar has underwritten more than $360 million in total credit facilities for more than 150 borrowers.
“As one of the leaders in asset-based lending, Gibraltar has a strong track record of providing stability during periods of transformation for businesses in a variety of sectors,” said Cyndi Giles, Head of Lender Finance for Wells Fargo Capital Finance. “The additional borrowing capacity will fuel growth and enable Gibraltar to expand its reach.”
In March 2018, Hercules Capital, Inc. (NYSE : HTGC ), the leading specialty finance company to innovative, venture growth, pre-IPO and M&A stage companies backed by leading venture capital firms, completed its acquisition of Gibraltar.
“Both Wells Fargo and Hercules have been great to work with,” added Winicour. “They are integral to our next phase of growth, and help us provide readily accessible capital for our clients.”
