Idea Financial, a leading provider of small business lines of credit, today announced the closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This strategic deal significantly enhances Idea Financial’s lending capacity and allows it to increase its maximum loan limit to $350,000 for well-established small businesses.
This new facility was made possible due to Performance Trust’s relationships with community banks, which strengthened Idea Financial’s position in offering competitive and flexible financial products to Main Street businesses across the US.
Before this partnership, Idea Financial provided lines of credit up to $250,000. And the increase to $350,000 allows the company to serve better 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 utilizing its relationships with community banks and aggregating the capital necessary to provide this substantial warehouse facility—a task typically requiring significant capital from superregional or national banks.
This partnership marks a significant milestone in Idea Financial’s growth trajectory and reinforces its commitment to supporting small businesses nationwide.
KEY QUOTES:
“Performance Trust has opened up an entirely new market for Idea Financial through their deep relationships with smaller community banks. With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses.”
- Larry Bassuk, Idea Financial’s President and co-founder
“As the economy shows tremendous resilience and continues to grow, Idea Financial, along with Performance Trust, will be well-positioned to fuel that growth.”
- Justin Leto, Idea Financial’s CEO and co-founder
