Funding Through Newly Established Credit Facility Sets the Stage for Acceleration of Fintech’s Growth
CHARLESTON, S.C., July 27, 2023 — Breakout Capital, a leading fintech company simplifying access to capital for small businesses, announced today the completion of a $45 million credit facility in which Synovus Bank will provide the senior credit facility and an Austin, Texas-based credit fund, will provide the subordinate credit facility. Under the terms of the agreement, Breakout may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.
“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” said McLean Wilson, CEO & President of Breakout Capital. This substantial facility will enable Breakout to meet the growing demand from small businesses seeking affordable and flexible capital. As the small business lending landscape continues to evolve, Breakout’s commitment to product diversity, from working capital term loans to invoice factoring, reflects the company’s dedication to catering to a wider range of clients, including those with unique financial needs, while also empowering its strategic partner network with a more reliable funding outlet. This approach not only strengthens Breakout’s position as a leader in the industry but also nurtures expansion and growth across the entire small business lending community.
“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” said Wilson. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”
Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, said, “We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital. This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”
About Breakout Capital, LLC
Breakout Capital, headquartered in Charleston, SC, with offices in McLean, VA, is one of the fastest growing fintech companies in the nation, offering transparent and innovative small business lending solutions. As a strong advocate for small business growth, Breakout is dedicated to increased transparency and the adoption of best practices within the alternative capital industry.
Since 2015, Breakout has provided nearly $500 million in funding to small businesses in every corner of the U.S. They are a proud member of the International Factoring Association (IFA), the world’s largest association for Factors, Asset Based Lenders, PO Finance and commercial finance companies which provides education and training to the small business lending community. To learn more, visit breakoutfinance.com, or its social media pages on LinkedIn, Facebook, Instagram and Twitter.
About Synovus Bank
Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn and Instagram.
SOURCE Breakout Capital
