Lendr, a provider of flexible working capital to small- and medium-sized businesses, specializing in business finance and factoring solutions, announced on Thursday the closing of its $25 million senior credit facility. MidCap Financial Trust served as the Administrative Agent for the transaction. According to to duo, this senior credit facility deal agreement provides Lendr with increased financing power and the expansion of the facility to $50 million. While sharing details about the facility, Tim Roach, CEO of Lendr, stated:
“Partnering with MidCap will strengthen Lendr’s position to expand and support the small- and medium-sized business community. All of us at Lendr are excited to work with MidCap who has displayed a unique understanding of our industry as well as the ability to think creatively in structuring the transaction. We look forward to growing our financing platform with the oversight of MidCap.”
JD Gettmann, Managing Director at MidCap Financial, went on to add:
“We are excited to partner with Tim and the rest of the Lendr team as they grow the platform. This transaction provides flexible capital that will enable Lendr to execute on its near-term growth plan.”
Founded in 2011, Lendr describes itself as a company that is “revolutionizing” the way businesses acquire capital. The company reported that its team has more than 75 years of collective experience in the financial service industry and is committed in helping small to midsize businesses:
“We are driven to help you find access to the working capital you need throughout your journey as a business owner. Simple as that seems, our commitment to partnership greatly sets us apart. Let’s join forces, together we can help your business flourish!”