The new business will also offer accounts receivable purchase programs to businesses with monthly sales from $50,000 to $100 million or more.
Wells Fargo Business Credit Canada has hired Ronnie Bloom as vice president of business development, responsible for marketing asset-based financing. The company has also hired Andy Dayes as vice president of business development, responsible for marketing accounts receivable purchase programs.
Wells Fargo Business Credit Canada will join Wells Fargo Foothill Canada in providing commercial finance products to Canadian companies. Wells Fargo Foothill Canada provides senior secured credit facilities from $10 million to $1 billion or more to companies in a variety of industries.
Marty McKinley, head of Wells Fargo Business Credit, a division of Wells Fargo Bank, said: Wells Fargo Business Credit is a leader in providing financing to companies restricted by conventional funding sources. We look forward to extending our capabilities to Canadian companies and helping them access the financing they need to be financially successful.
