Breakout Capital, a prominent fintech company that simplifies access to capital for small businesses, has announced the successful completion of a $45 million credit facility. Synovus Bank will lead the senior credit facility, while an Austin, Texas-based credit fund will provide the subordinate credit facility.
As per the terms of the agreement, Breakout can now access $35 million of committed capacity through Synovus, with an additional $10 million available on an uncommitted basis.
McLean Wilson, CEO & President of Breakout Capital, expressed excitement about having Synovus, a highly esteemed banking partner, supporting their mission to fuel small business growth. The substantial credit facility will enable Breakout to meet the increasing demand from small businesses seeking affordable and flexible capital solutions.
Breakout’s commitment to product diversity, including working capital term loans and invoice factoring, reflects their dedication to serving a broader range of clients with unique financial needs.
Additionally, the company aims to empower its strategic partner network with a reliable funding outlet. This approach positions Breakout as a leader in the industry and fosters expansion and growth across the entire small business lending community.
McLean Wilson further emphasized that the transaction expands their on-balance sheet funding capacity and provides valuable runway for future loan growth, enhancing their flexibility in offering best-in-class terms tailored to their clients’ needs. He expressed delight in the creative structure of the transaction, which supports Breakout’s business model, and looks forward to building a lasting partnership with Synovus.
Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, expressed enthusiasm about partnering with Breakout Capital to empower American entrepreneurship by providing access to capital. The flexible capital from this transaction will support Breakout’s strategic growth plans.
Headquartered in Charleston, SC, with offices in McLean, VA, Breakout Capital is one of the fastest-growing fintech companies in the nation, providing transparent and innovative small business lending solutions.
As a strong advocate for small business growth, the company is dedicated to increased transparency and the adoption of best practices within the alternative capital industry. Since 2015, Breakout has facilitated nearly $500 million in funding to small businesses across the United States.
They are a proud member of the International Factoring Association (IFA), providing education and training to the small business lending community.
