NEW YORK--(BUSINESS WIRE)--Fundation Group LLC, a leading digitally-enabled lender and credit solutions provider, today announced that it has secured an asset backed credit facility from MidCap Financial, a leading specialty finance firm focused on the middle market. This credit facility meaningfully enhances Fundation’s capacity to extend credit to small businesses across the United States.
Sam Graziano, CEO of Fundation said, “We are thrilled to add another world-class institutional investor to our capital base. Our new relationship with MidCap provides us with substantial new lending capacity and diversifies our funding sources, allowing us to strengthen our competitive position in the small business lending market.”
Fundation focuses on delivering credit to small businesses through various forms of strategic partnerships, including banks, other financial institutions, and various service providers to the small business market. Fundation currently has strategic partnerships with Regions Bank, Citizens Bank, the BancAlliance community, the Minority Business Development Agency and a host of other partners.
”We are excited to begin this new relationship with Fundation. Fundation has built an excellent business, with a unique approach to providing credit to small businesses. We look forward to continuing to grow and evolve our relationship with Fundation,” said Michael Cheng, Managing Director of MidCap Financial Services, LLC.
Fundation, majority-owned by New York based private equity firm Garrison Investment Group, retains the vast majority of loans that it originates on its balance sheet. In August 2016, Fundation secured a $100 million asset backed credit facility with Goldman Sachs Bank USA.
About Fundation
Fundation Group LLC is a digitally-enabled lender and credit solutions provider. The Company develops integrated small business lending solutions with banks, enabling them to deliver credit online, drive cost efficiency into their lending programs and maximize customer retention by providing a positive customer experience and meeting the needs of the small businesses they serve. The Company also partners with a variety of organizations that serve the small business market in various capacities to deliver small balance commercial credit products. For more information, please visit www.fundation.com.
About MidCap Financial
MidCap Financial is a middle market-focused, balance sheet lender that provides debt solutions to companies across all industries. The company’s subsidiary, MidCap Financial Services, LLC is headquartered in Bethesda, MD, with regional offices in Atlanta, Charlotte, Chicago, Los Angeles, New York and San Francisco. The company focuses on the debt needs of the middle market in five areas:
- General Asset-Based: working capital loans collateralized by third-party accounts receivable, inventory, and other assets;
- Leveraged Finance: cash flow based loans to Financial Sponsor backed companies;
- Life Sciences: financing for venture backed and micro/small cap pharmaceutical, biotech, and medical device companies;
- Lender Finance: loans provided across the consumer and commercial finance sectors; and
- Real Estate: loans for the acquisition, refinance and recapitalization of healthcare and commercial real estate properties.
MidCap Financial refers to MidCap FinCo Limited, a private limited company domiciled in Ireland, and its subsidiaries. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Limited. References to MidCap Financial prior to January 2015 are to its predecessor, MidCap Financial, LLC.
Additional information about MidCap Financial can be found at www.midcapfinancial.com