Direct Capital, a New Hampshire-based provider of finance services, has closed a new three-year $50 million equipment lease-backed bank facility with the lender finance division of Wells Fargo Foothill, part of Wells Fargo.
Reportedly, this is the second financing program closed in the last six months by Direct Capital, including commercial equipment financing and business loans. These two programs followed a January announcement of the extension of an existing $100 million facility.
Christopher Broom, chairman of Direct Capital, said: “Wells Fargo Foothill is a knowledgeable and experienced financial partner. We are pleased to welcome them to Direct Capital.”
Paul Ringuette, vice president of sales, Direct Capital, said: “There continues to be a major void out there for companies that are seeking to access capital. We are attacking this issue every day by reaching out to companies and letting them know we are here for them. With this added funding capacity, this message will only become louder.”
Andrea Petro, executive vice president and division manager of Wells Fargo Foothill Lender Finance, said: “We are pleased to have completed this financing for Direct Capital. We look forward to supporting the company’s senior management team in its plans for ongoing success.”
