Industry News: Around the Industry
Balboa Capital Expands Funding Capacity By Securing Credit Facility With Wells Fargo
Leading Independent Financing Company Poised To Enhance Services to Small Businesses and Equipment Dealers Nationwide
FOR IMMEDIATE RELEASE
IRVINE, California, December 19, 2012 – Balboa Capital Corporation, a leading provider of equipment financing and small business loan options, announced the acquisition of a revolving credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). Balboa Capital will use this additional capacity to fund the company’s complete portfolio of financing products that are used by small businesses and equipment dealers throughout the United States. These include commercial business loans, working capital loans, merchant cash advances and franchise financing.
Big Financing Power for Small Businesses “We are very pleased to extend a credit facility to Balboa Capital Corporation,” said Andrea Petro, Division Manager of the Lender Finance Division of Wells Fargo Capital Finance, adding “We have known and admired Balboa’s long track record of success and look forward to supporting Patrick Byrne and his team’s plans for the continued growth of their business.”
Balboa Capital’s solid financial standing, along with its rapid growth, helped establish a strong relationship with Wells Fargo. “Securing financing speaks to the strength of our company as we enter our 25th year in business,” said David Chiurazzi, Chief Financial Officer at Balboa Capital. “Wells Fargo will further enhance the strong foundation that we have and enable us to continue providing dependable funding to our small business customers and vendor partners.”
Getting a small business loan approved has never been more challenging than in today’s uncertain financial climate, but Balboa Capital provides small business owners with financing alternatives that are easy, hassle-free and offer a high approval rate. “With our low rates and flexible financing solutions, we’ve helped businesses in all industries get the capital they need to grow and succeed, said Mr. Chiurazzi. He adds, “Our funding from Wells Fargo is a key component that will help us expand our financial reach in 2013 and beyond.”
About Balboa Capital Established in 1988, Balboa Capital is one of the largest privately-held independent finance companies in the United States delivering access to capital, speed of processing, dependable funding, industry-leading technology and innovative marketing tools that help fuel the growth and success of today’s businesses and equipment vendors. Balboa Capital markets its products through their small ticket, middle market and vendor sales channels. For more information, please visit www.balboacapital.com. The company also has an informative equipment leasing blog with over 200 entries.
About Wells Fargo Capital Finance Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Bank, N.A.; Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A.; Wells Fargo Credit, Inc.; Wells Fargo Distribution Finance, LLC; Wells Fargo Capital Finance, Inc.; Wells Fargo Capital Finance, LLC; Wells Fargo Trade Capital Services, Inc.; Castle Pines Capital LLC; Castle Pines Capital International LLC; Burdale Financial Limited; and Wells Fargo Capital Finance Corporation Canada. Wells Fargo Capital Finance Corporation Canada (also doing business in Quebec as Société de financement Wells Fargo Capital Canada) is an affiliate of Wells Fargo & Company, a company that is not regulated in Canada as a financial institution, a bank holding company or an insurance holding company. For more information, visit wellsfargocapitalfinance.com.
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|Contact Name:||Jake Dacillo, Marketing Director|
|Organization Name:||Balboa Capital Corporation|