Tech CU Announces Strong First Year for Tech Capital, LLC
Closed $6.1 Million in New Asset-Based Lending Commitments; Current Pipeline Totals $2.5 Million
SAN JOSE, CA–(Marketwired – September 22, 2016) – Tech Capital, LLC, the asset-based finance company and wholly owned subsidiary of Tech CU, today announced that it has originated six asset-based lending commitments as of August 2016 for a total of $6.1 million. Tech Capital, LLC began providing asset-based loans in late 2015 for companies (manufacturers, distributors and service companies) in need of revolving lines of credit for debt refinancing, equipment purchases, or as a supplement to working capital.
“We are pleased that our efforts to promote Tech Capital as Tech CU’s asset-based lending finance company is being well received in the marketplace,” said Joe Anzalone, Managing Director of Tech Capital, LLC. “Our relationship-centric approach has been successful, as evidenced by our strong pipeline and the quality of the relationships Tech Capital has developed in a relatively short period of time. Small- to medium-sized companies need both customized lending solutions and lending professionals who understand how to deliver these solutions to meet a company’s working capital needs. Tech Capital’s asset-based lending program was designed to do just that.”
The loans include:
- A $1.1 million combined asset-based line of credit and term loan to an enterprise security and risk management company that assess, understands, and manages corporate risk.
- A $1 million asset-based line of credit to a paper supply company focused on sustainable, environmentally-responsible paper.
- A $750,000 asset-based line of credit to a small, privately-held lumber wholesale company specializing in the sale of western softwoods of varying grades and sizes.
- A $750,000 asset-based line of credit to a specialist in high-quality consumer electronics.
- A $500,000 asset-based line of credit to a professional services company focused on the delivery of cost effective, high-value IT and management business solutions.
“We had a loan that wouldn’t allow us to grow. By working with Tech Capital, LLC we were able to secure a larger asset-based lending loan that would let us hire engineers and product developers — all while growing our company and taking care of marketing needs. Tech Capital worked with us every step of the way to ensure that we received the loan we needed to drive expansion without disrupting any business activities,” said Jeff Bennett, President and COO, Allgress, Inc.
For more information on Tech Capital, visit: https://www.techcu.com/Business/Business-Loans-and-Lines/Tech-Capital-LLC/.
ABOUT TECH CU
Tech CU (www.techcu.com) is a $2 billion credit union serving more than 75,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. A federally insured, not-for-profit organization, we put the financial interests of our members ahead of shareholder profit by helping members achieve their financial goals on their terms and by sharing the benefits of our growth. Founded in 1960 by a group of forward-thinking employees at Fairchild Semiconductor, today we continue to be an industry leader, providing innovative financial products for all stages of our members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. Tech CU consistently achieves high marks for its customer satisfaction and maintains a 5-star rating from Bauer Financial, the nation’s largest independent rating service for financial institutions. And, with mobile and online banking, 65,000+ surcharge-free ATMs worldwide (more than Chase, Bank of America and Wells Fargo combined) and convenient branch access to our financial experts, Tech CU makes 24/7 banking easy and empowering.