National Funding and CapitalSource Inc. Sign Three-Year, $50 Million Deal for New Revolving Loan and Security Agreement
National Funding, one of the country’s largest private lenders of small business loans, announced that on July 31, 2014, the company entered into a Loan and Security Agreement deal with CapitalSource, a division of Pacific Western Bank. CapitalSource specializes in loans to small to middle market businesses nationwide.
Pursuant to the three-year commitment, CapitalSource is providing National Funding with a secured loan of $50 million. This new credit facility provides National Funding with an increased amount of flexibility to capitalize on key marketplace opportunities, including the ability to invest in new products and to expand their marketing presence.
“We have been growing to meet the high demand we are seeing in the marketplace, and see incredible potential for innovation,” said Dave Gilbert, Founder and CEO of National Funding. “This is a significant relationship that will allow us to increase the amount we can lend to our customers, and grow National Funding in new and exciting ways.”
“CapitalSource is pleased to provide this loan to National Funding.” commented Christopher Hague, Group Head, Lender Finance at CapitalSource. “National Funding has a seasoned management team and a strong track record of success. The firm is well positioned for growth and we are pleased to play a role in funding their success.”
CapitalSource, a division of Pacific Western Bank is headquartered in Los Angeles, California. Pacific Western has 80 branches throughout California and more than $15 billion in assets.
Founded in 1999, National Funding is one of the country’s leading financial service providers for small and medium-sized businesses, providing working capital loans, equipment financing, merchant cash advances and credit card processing. National Funding has provided more than $1 billion in capital for over 20,000 businesses nationwide. The company believes in American small business owners, and strives to provide fast turnaround, flexible solutions and great service to all of its customers and clients in a diverse range of industries including: automotive, construction, excavation, manufacturing, retail, packaging, printing, restaurant, telecommunications, trucking, and waste management, among others. The company was recognized as a 2013 and 2014 Inc. 500 | 5000 company, as well as one of San Diego’s 2013 and 2014 Fastest Growing Companies.
CapitalSource makes commercial loans to small and middle-market businesses nationwide. CapitalSource is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $15 billion in assets and 80 full-service branches located throughout the state of California. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW).