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Breakout Capital Secures $45 Million Credit Facility Led by Synovus Bank
Breakout Capital, a leading fintech company simplifying access to capital for small businesses, announced today the completion of a $45 million credit facility in which Synovus Bank will provide the senior credit facility and an Austin, Texas-based credit fund, will provide the subordinate credit facility. Under the terms of the agreement, Breakout may now obtain funding through Synovus by accessing $35 million of committed capacity with an additional $10 million uncommitted.
“We are incredibly excited to have Synovus, a highly respected banking partner, on board to support our mission to fuel the growth of small business,” said McLean Wilson, CEO & President of Breakout Capital. This substantial facility will enable Breakout to meet the growing demand from small businesses seeking affordable and flexible capital. As the small business lending landscape continues to evolve, Breakout’s commitment to product diversity, from working capital term loans to invoice factoring, reflects the company’s dedication to catering to a wider range of clients, including those with unique financial needs, while also empowering its strategic partner network with a more reliable funding outlet. This approach not only strengthens Breakout’s position as a leader in the industry but also nurtures expansion and growth across the entire small business lending community.
“This transaction expands our on-balance sheet funding capacity and provides valuable runway for future loan growth,” said Wilson. “More importantly, it enhances our flexibility in providing best-in-class terms, prioritizing the needs of our clients. We could not be more pleased with their ability to think creatively to structure a transaction that supports our business model and look forward to building a lasting partnership together.”
Steven Safirstein, Director of Asset-Based Lending at Synovus Bank, Specialty Finance Division, said, “We are thrilled to partner with the Breakout team in their efforts to empower American entrepreneurship by providing access to capital. This transaction provides flexible capital that will help Breakout execute on its strategic growth plans.”
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