NYCTroy, MI-based tech and data-powered lending platform for small businesses, closed a $70m credit facility.
Backers included SunTrust Bank and AloStar Bank of Commerce. SunTrust served as the structuring and administrative agent, committing $50m, with AloStar coming in as the first participant with a $20m commitment. The terms of the deal allow to increase the amount by another $30m, bringing the total facility potential to $100m.
Founded in 2010 and led by Glenn Goldman, CEO, Credibly provies an online lending platform that leverages data science and analytics to deliver short- and long-term capital to to small businesses in the United States. To date, it has provided access to capital for more than 4,500 businesses in over 300 industries. All loans obtained through Credibly are made by WebBank, a Utah-chartered industrial bank and member of the FDIC.
The company has offices in Michigan, Arizona, Massachusetts, and New York.