Idea Financial has secured a $20 million corporate term loan from EverBank, adding capital to accelerate growth across its small business lending and legal financing businesses.
The financing comes as Idea Financial says it has surpassed $1 billion in total funding originated since launching and continues to expand its product lineup, including business lines of credit of up to $350,000 and litigation finance offerings through its LevelEsq platform. The company said the new term loan will be used to increase lending capacity, support product development, and scale operations as demand rises among established small businesses and plaintiff-side law firms.
Idea Financial, founded in 2017 by attorneys-turned-entrepreneurs Justin Leto and Larry Bassuk, operates as a digital lending platform offering revolving lines of credit, term loans, and litigation financing. The company positions its model as a faster, more flexible alternative to traditional bank processes for working capital and case-related funding needs.
For EverBank, the transaction extends its lender finance activity supporting non-bank lenders. The bank described the deal as consistent with its focus on bespoke financing structures for specialty lending clients and said it expects to continue building its relationship with Idea Financial.
KEY QUOTES:
“This relationship with EverBank marks an exciting milestone in our journey to empower Main Street businesses and legal professionals with accessible, transparent financing. EverBank’s confidence in our vision validates our track record of responsible growth and innovation in underserved markets. With this support, we’re poised to help even more businesses charge forward and achieve their goals.”
Justin Leto, Co-Founder and CEO, Idea Financial
“We’ve built Idea Financial on the principle that small businesses deserve better options than slow traditional banks or expensive alternatives. This $20 million facility strengthens our balance sheet and allows us to expand our impact, particularly in supporting law firms with case financing and small enterprises with working capital. EverBank shares our commitment to performance-driven solutions, making them an ideal partner.”
Larry Bassuk, Co-Founder and President, Idea Financial
“This term loan enhances our financial flexibility and positions us for sustainable expansion. EverBank’s expertise in specialty lender finance aligns perfectly with our model, and we’re grateful for their support as we continue to deliver high-value products with competitive rates and fast approvals.”
Santiago Rubio, Chief Financial Officer, Idea Financial
“EverBank is pleased to support Idea Financial as it continues expansion of its platform and growth of its small business lending loan portfolio. This transaction underscores our focus on providing bespoke lending solutions that meet the distinct needs of our clients. We look forward to continuing to build our strategic relationship with Idea Financial in the future.”
Jonathan Lustig, Director of Lender Finance, EverBank
