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Idea Financial has closed a new $50 million warehouse facility led by Performance Trust Capital Partners, significantly expanding its lending capacity and increasing its maximum line of credit to $350,000 for well-established small businesses. Prior to this partnership, Idea Financial provided lines of credit up to $250,000.
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks,” said Larry Bassuk, President and Co-Founder of Idea Financial. “With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
Justin Leto, CEO and Co-Founder, added, “As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth.”
Performance Trust Capital Partners, a full-service investment bank focused on community depository institutions, facilitated the deal by leveraging its relationships with community banks to aggregate the capital necessary for the facility.
Read the full press release on PR Newswire: Idea Financial Secures $50 Million Warehouse Facility to Expand Small Business Lending
