Small business financing platform BFS Capital has entered into an amended and restated loan and security agreement with Wells Fargo Capital worth $165 million.
The new agreement, a $30-million increase from an earlier agreement, allows for additional increases up to a maximum of $250 million.
BFS Capital co-founder and CEO Marc Glazer said the enhanced deal reflects a strong relationship with their banking partners.
“The improved and expanded credit line boosts our funding capabilities to meet increasing demands of small businesses across diverse sectors. The new facility underscores our confidence in the sustained growth of the industry and our commitment to being a champion for small business.”
This announcement is one of several important achievements for BFS since last July, when it passed the $1 billion small business financing mark. They acquired Entrust Merchant Solutions in August and rebranded from Business Financial Services in September.
BFS Capital offers loans up to $2 million for business in all 50 states, Canada, and the United Kingdom through affiliate Boost Capital.
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