Idea Financial, a leading provider of small business lines of credit, announced the closing of a new $50 million warehouse facility led by Performance Trust Capital Partners. This 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.
This 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 US. Idea Financial – in partnership with Performance Trust Capital Partners – has increased its business lending limit to $350K.
Before this partnership, Idea Financial provided lines of credit up to $250,000. And 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, has 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 super-regional or national banks.
This deal marks a significant milestone in Idea Financial’s growth trajectory and reinforces its commitment to supporting small businesses across the nation.
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
