Idea Financial Secures $50 Million Warehouse Facility to Expand Small Business Lending
The Floridant/10284015

MIAMI, Oct. 1, 2024 ~ Idea Financial, a leading provider of small business lines of credit, has recently announced the successful closing of a new $50 million warehouse facility. This strategic move, led by Performance Trust Capital Partners, significantly enhances Idea Financial's lending capacity and allows the company to increase its maximum loan limit to $350,000 for well-established small businesses.

According to Larry Bassuk, President and co-founder of Idea Financial, this new facility was made possible due to Performance Trust's strong relationships with community banks. This partnership not only strengthens Idea Financial's position in the market but also enables them to offer competitive and flexible financial products to Main Street businesses across the United States.

"We are thrilled to have Performance Trust as our partner in this venture," said Bassuk. "Their deep connections with smaller community banks have opened up an entirely new market for us. With this additional capital, we will continue our mission to be a premier provider of lines of credit for small businesses."

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Justin Leto, CEO and co-founder of Idea Financial, also expressed his excitement about the partnership. "As the economy continues to grow and show tremendous resilience, Idea Financial and Performance Trust will be well-positioned to fuel that growth," he said.

Prior to this collaboration, Idea Financial offered lines of credit up to $250,000. However, with this increase in lending capacity, they can now better serve the needs of growing small businesses requiring larger capital infusions.

Performance Trust Capital Partners played a crucial role in facilitating this deal by leveraging their relationships with community banks and aggregating the necessary capital for this substantial warehouse facility. This task is typically reserved for super-regional or national banks.

This partnership marks a significant milestone in Idea Financial's growth trajectory and reinforces their commitment to supporting small businesses across the nation. With their increased lending capacity and strong partnership with Performance Trust Capital Partners, Idea Financial is well-equipped to continue providing valuable financial solutions for Main Street businesses.

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