The amount of the deal was not disclosed.
The company will use the proceeds to expand its current borrower base and reinvest in the core businesses.
Led by Hunter Stunzi, President and Co-Founder, SnapCap is a web-based company that offers loans to small companies by focusing on performance-based financing, which evaluates the health of a business in few hours.
THE PRESS RELEASE
SnapCap Announces New Credit Facility
CHARLESTON, S.C., Feb. 21, 2017 /PRNewswire/ — Snap Capital LLC, a leading source of alternative funding to small business, announced today that it has secured a significant revolving-to-term credit facility with Old Hill Partners. The proceeds will be used by Snap Capital to increase its ability to service small businesses who need short-term financing. Rosenblatt Securities served as advisor in the transaction.
Hunter Stunzi, President and Co-Founder of SnapCap, commented, “We are delighted to partner with Old Hill. This facility will help us expand our current borrower base and reinvest in our core businesses, which distinguishes us from others in the industry. Old Hill’s depth of experience will be of great benefit to us as we target significant business growth in 2017 and beyond.”
Peter Faigl, Portfolio Manager at Old Hill Partners, said, “We are pleased to support the growth of SnapCap. Based on our more than 10-year experience in lending to this sector, we view SnapCap’s operating model as one of the most efficient ones in the industry and, as such, believe they are well positioned for future success.”
Based in Charleston, South Carolina, SnapCap is a web-based company that is helping lead a revolution in small business finance by reducing the complexities found in the traditional lending process. Committed to investing in small business, SnapCap offers a better way to borrow by focusing on performance-based financing, which evaluates the health of a business. Personal service combined with real-time evaluation technology makes it easier to provide financing solutions with greater speed and accuracy. Please visit www.snapcap.com.
About Old Hill Partners Inc.
Based in Darien, Connecticut, Old Hill is an SEC-registered investment adviser with significant experience in all facets of asset-backed lending and alternative investment management. Our primary investment strategy is asset-backed lending. We offer customized lending products and services to small and middle-market clients and work closely with our borrowers and partners to provide creative funding structures to support their growth initiatives. For more information, please visit www.oldhill.com.