(from left) Idea Financial co-founders Larry Bassuk and Justin Leto
Idea Financial, a leading provider of financial solutions for small businesses, announced the successful closure of an upsize to its warehouse facility.
MIAMI, FLORIDA, UNITED STATES, April 1, 2024 /EINPresswire.com/ — Idea Financial (www.ideafinancial.com), a leading provider of financial solutions for small businesses, announced the successful closure of an upsize to its warehouse facility in collaboration with Synovus Bank (www.synovus.com) and ORIX USA’s Credit Opportunities Group (https://www.orix.com/). This strategic move increased the warehouse loan from $100 million to $130 million, with ORIX USA providing the additional capital.
“Idea Financial is proud to continue our partnership with Synovus Bank, and we are thankful to Synovus for introducing us to ORIX USA. By adding ORIX USA to the warehouse, Idea Financial can continue its journey of providing the most unique line of credit in the non-bank market,” said Idea Financial co-founder and CEO Justin Leto. “Small businesses prefer the flexibility of a line of credit over the traditional term loans and MCAs, and we will be here to provide that line of credit to the best businesses on Main Street,” added Idea Financial co-founder and President Larry Bassuk.
This development underscores Idea Financial’s commitment to supporting small businesses by offering tailored financial solutions catering to their needs. With the enhanced warehouse facility, Idea Financial aims to further empower small businesses nationwide by providing business loans, funding, and accessible and flexible lines of credit.
“We are pleased to partner with the Idea Financial team as they continue to scale their lending platform,” said Amit Singhal, Head of the Credit Opportunities Group at ORIX USA. “They’ve built a differentiated product to serve the complex needs of small businesses, and we look forward to supporting their next phase of growth.”
“Synovus Bank is pleased to announce the expansion of its commitment to Idea Financial in collaboration with our partners at ORIX USA. We look forward to further strengthening our relationship and supporting the Company’s continued growth in the years ahead,” said Jayan Krishnan, Managing Director of Synovus Structured Lending Division.
For more information about Idea Financial and its services, visit www.ideafinancial.com. For media opportunities and interviews, please contact david.watkins@otterpr.com.
About Idea Financial:
Idea Financial is a leading provider of financial solutions designed to meet the unique needs of small businesses. With a focus on flexibility and accessibility, Idea Financial offers a range of products, including lines of credit and business loans tailored to empower small businesses to thrive.
About ORIX Corporation USA (ORIX USA):
ORIX USA is an investment and asset management firm specializing in private credit, real estate, and private equity solutions for middle-market focused borrowers and investors. Established in the U.S. in 1981, we combine our robust balance sheet with funds from third-party investors, providing a strong alignment of interest. Our parent company, ORIX Corporation, is a publicly listed investment grade-rated corporation (Moody’s: A3, S&P: A-) with operations in 30 countries and regions worldwide.
About Synovus:
Synovus Bank, a Georgia-chartered, FDIC-insured bank with approximately $60 billion in assets, provides commercial and consumer banking as well as 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 and has been named one of the Best Banks in America by Forbes. For more information on Synovus, please visit www.synovus.com or, for more information about Synovus’s role in this transaction, please contact Jayan Krishnan at JayanKrishnan@synovus.com.
David Watkins
Otter PR
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