Additional Credit Facility Provides Funding to Support Acceleration of Company’s Growth
May 16, 2018 08:00 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE) – Fundation, a leading digitally-enabled lender and credit solutions provider, today announced that it has secured a $120 million asset backed credit facility from SunTrust Bank. Waterfall Asset Management was included in the facility as a Class B lender. This additional credit facility further enhances Fundation’s capacity to extend credit to small businesses across the United States.
Sam Graziano, CEO of Fundation said, “Garnering the support of one of the leading super regional banks engaged in asset backed finance is another milestone for our Company. As we continue to bolster the size and quality of our capital base, we can become an even stronger ally to our strategic partners and their small business clientele.”
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 network of community banks, the Minority Business Development Agency and a host of other partners.
Fundation, majority-owned by New York based private equity firm Garrison Investment Group, performs origination services for regional and community banks as well as originates small business loans and lines of credit for its balance sheet. Fundation maintains a separate $120 million asset backed credit facility with Goldman Sachs Bank USA which was secured in August of 2016, and a $35 million facility with MidCap Financial which was secured in March of 2017.
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 optimize their credit delivery process on an omni-channel basis and maximize customer retention. 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 SunTrust Bank
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2018, SunTrust had total assets of $205 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.