MIAMI, Oct. 1, 2024 - Idea Financial, the leading provider of small business lines of credit, today announced the successful closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This strategic move significantly enhances Idea Financials' lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.
The new facility was made possible due to Performance Trust's relationships with community banks and strengthens Idea Financial's position in offering competitive and flexible financial products to Main Street businesses across the United States.
"Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks," said Larry Bassuk, Idea Financial's President and co-founder. "With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses."
Justin Leto, Idea Financial's 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."
Prior to this partnership, Idea Financial provided lines of credit up to $250,000. The increase to $350,000 allows the company to better serve the needs of growing small businesses requiring larger capital infusions.
Performance Trust Capital Partners, a full-service investment bank focused on community depository institutions, facilitated this deal by leveraging its relationships with community banks and aggregating the capital necessary to provide this substantial warehouse facility - a task typically requiring significant capital from super-regional or national banks.
This partnership marks a significant milestone in Idea Financial's growth trajectory and reinforces its commitment to supporting small businesses across the nation.
About Idea Financial
Idea Financial is the leading non-bank provider of small business lines of credit in the United States. The company offers financial solutions to high-quality, established businesses needing funds to drive growth. To date, Idea Financial has funded thousands of American small businesses with hundreds of millions of dollars in loans, helping businesses #ChargeForward. For more information, visit ideafinancial.com.
About Performance Trust Capital Partners
Performance Trust Capital Partners is a full-service investment bank focused on community depository institutions. Their innovative approach enables syndication opportunities among community bank partners, allowing for the creation of significant facilities to support small business lenders. For more information, visit performancetrust.com.
For more information, please visit www.ideafinancial.com or contact Alexander Lozano at marketing@ideafinancial.com
SOURCE Idea Financial
