Breakout Capital Closes $20MM in Credit Facilities with Medalist Partners
MCLEAN, VA / July 8, 2020 / Leading nationwide small business lender Breakout Capital announced today the completion of two senior secured credit facilities, totaling $20MM, with Medalist Partners, expanding and extending a current term loan facility and establishing a new term loan facility with attractive forward flow features with its long-time lending partner. This expansion of its successful ongoing partnership with Medalist further validates Breakout Capital’s vision and growth through product differentiation, innovative responses to small business needs and disciplined, long-term strategy. These facilities will allow Breakout to increase loan originations across all of its product offerings, including its highly regarded term-loan product, FactorAdvantage®, and its newest, well-received factor product, FactorBridge.
“I am pleased to continue our successful relationship with Medalist Partners. Medalist is a disciplined and engaged credit facility provider who shares our vision and believes in the strong value we bring to small businesses across the country,” said McLean Wilson, Breakout Capital’s CEO and Chief Credit Officer. “The expansion of this strategic relationship will accelerate the growth of our “white-hat” brand and the continued introduction of innovative new lending solutions to the market.”
John Slonieski, Director of Private Credit for Medalist Partners, added, “We are pleased to enhance our relationship with Breakout Capital in our asset-based lending strategy. Their high-quality underwriting and SMB-friendly lending solutions, coupled with their talented credit and management team, provide us confidence as we continue working closely with them to successfully scale their lending program.”
Given the deployment of these Medalist facilities and increased market demand from the rollout of FactorBridge and expansion of FactorAdvantage®, Breakout Capital has in parallel raised its loan size up to $1,000,000. It has done so while continuing to offer loan terms of up to 24 months, offering flexibility through FactorBridge to provide shorter-term solutions that bridge to these longer-term Breakout Capital loans.
“The increase in our maximum term loans provides much-needed additional liquidity to small businesses, enabling them to implement critical strategies and capitalize on time-sensitive opportunities during these unprecedented times,” Wilson stated. “It also facilitates powerful dual factoring-loan solutions where we provide critical working capital loans to SMBs in tandem with accounts-receivable based factoring platforms offered by our valued factor partners.”
About Breakout Capital
Breakout Capital, headquartered in McLean, Virginia, is a leading fintech company, offering innovative small business lending solutions across the country. Breakout Capital is committed to transparent and responsible lending solutions through product innovation, small business borrowing education, and advocacy against predatory lending practices and continues to empower small business through right-sized lending, suitability testing, improving terms and supporting the long-term financing objectives of small businesses.
About Medalist Partners
Medalist Partners is an SEC registered investment manager with approximately $2.4 billion in assets under management as of June 30, 2020. The New York based firm manages strategies in asset-based private credit, structured credit, and collateralized loan obligations. The business is led by partners Greg Richter, Brian Herr and Michael Ardisson, who were formerly part of Candlewood Investment Group and prior to that Credit Suisse.Last modified: July 8, 2020