Targeted Lending Co, a player in the equipment finance industry, has announced the successful closure of a $50 million credit facility with Wells Fargo Capital Finance.
This strategic financial move underlines the company’s commitment to providing essential liquidity to small businesses, especially during times when lending options are scarce, per the announcement.
Brian Gallo, CEO of Targeted Lending, highlighted the importance of this relationship with Wells Fargo:
The relationship with Wells Fargo supports Targeted Lending’s commitment to providing crucial liquidity to small businesses, particularly at a time when companies are struggling to find lending options.
Stewart Hayes, Managing Director at Wells Fargo Capital Finance, expressed their satisfaction in supporting Targeted Lending.
“We look forward to building a long-term relationship with the Targeted team as they continue to help small businesses grow,” he said.
With over 25 years of experience in the equipment finance industry, Targeted Lending Co., LLC has been known for customizing solutions that cater to specific industry needs.
The company employs an Originator-centric approach, delivering a commonsense credit strategy complemented by a suite of tools. This approach empowers Originators with full control over their transactions, the company said.
Michael Philbin, CFO of Targeted Lending Co., LLC, acknowledged the impact of this new development.
“We appreciate the expert knowledge and financing structures that Wells Fargo has provided, marking a significant milestone for Targeted Lending Co., LLC, reinforcing its position as a key player in the equipment finance sector,” he stated.
Targeted Lending said the credit facility from Wells Fargo Capital Finance is a testament to its robust position in the equipment finance sector and its dedication to supporting the growth and stability of small businesses.