(PRWEB) September 29, 2014
Principis Capital (“Principis” or the “Company”), a leading provider of alternative financing to small businesses in the United States and Canada, recently announced the closing of a three year senior secured credit facility with a leading regional commercial bank.
Founded in 2009, Principis quickly developed a proven track record of sales and profitability, funding thousands of merchants across the 50 states and Canada. Principis’ proprietary scoring algorithms and highly automated systems have formed the basis of this success, enabling the company to underwrite and issue funding offers within only a few hours of deal submission.
As the non-bank funding market for small businesses continued to expand, Principis sought a larger credit facility with a financial institution in order to fund its growth in originations, to consolidate its balance sheet and to improve its cost of capital. In early 2014 the Company engaged Bryant Park Capital (“BPC”), a New-York-based investment bank, to raise senior debt.
On August 1, 2014 the new facility was put in place, providing the Company with expanded availability at very competitive rates and positioning Principis for continued growth and enhanced profitability. “We are very happy with the outcome of this process. We were able to secure great financing for the Company that will allow us to take advantage of a growing market for small business lending. This is a win-win for us and our clients”, said Jane Prokop, CEO of Principis.
About Principis Capital:
Principis Capital is a leading originator of specialty finance products in the small business financing market. Principis purchases future receivables (including credit card and other receivables) from companies at a discount to face value. Its fast turnaround time and innovative underwriting approach give its sales partners the opportunity to maximize their reach among their small business clients. The majority of Principis’ merchants obtain additional funding multiple times, using Principis’ funds as a stable and reliable source of working capital for their businesses. For more information about Principis, please visit http://www.principiscapital.com
About Bryant Park Capital:
Bryant Park Capital is an investment bank providing M&A and corporate finance advisory services to emerging growth and middle market public and private companies. BPC has deep expertise in the specialty lending and financial services industries. Our professionals have completed approximately 400 assignments representing an aggregate transaction value of over $80 billion. For more information about BPC, please visit http://www.bryantparkcapital.com