News
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The Patriot Group Provides $17 Million Credit Facility to Merchant Cash and Capital
Wed Jan 9, 2008
Facility Enables Merchant Cash and Capital to Serve More Clients
DARIEN, Conn.--(Business Wire)--The Patriot Group, LLC, an emerging leader in finance solutions
for businesses and specialty finance companies at all growth stages,
today announced that it has provided a $17 million, two-year, senior
secured credit facility to Merchant Cash and Capital LLC.
Merchant
Cash and Capital, launched in 2006, is a successful and rapidly
growing merchant advance company based in New York City with over
2,000 merchant clients nationwide. The facility will provide funding
for existing and future merchant credit and debit card advances as
well as new corporate initiatives. "Patriot has the financial resources to provide flexible capital
to businesses of all sizes, even in challenging credit environments
such as the one we are working in today," said Charles A. Forbes, Jr.,
Managing Partner and President of Patriot's Asset Funding Solutions
division.
"Having invested successfully during past cycles of economic
dislocation, our management team has the experience and conviction to
continue serving the unique and urgent needs of our clients. We
believe that the facility we are providing to Merchant Cash and
Capital will contribute significantly to the company's growth and
value in the coming years."
"Thousands of merchants rely on our company to obtain funding
quickly and efficiently, and in order to continue to grow their
businesses," said Stephen Sheinbaum, Founder and CEO of Merchant Cash
and Capital.
"Patriot was highly responsive to our request to design a
customized credit facility that meets the needs of our fast-growing
company and our clients." About The Patriot Group, LLC
Founded in 2002, The Patriot Group, LLC is a leading specialty
finance, investment, and asset management company that provides
funding solutions to clients across a wide variety of asset types.
With its streamlined infrastructure, Patriot provides flexible,
custom-tailored capital that benefits clients underserved by
traditional financing sources. Patriot serves clients with a broad
range of products across the capital structure, including senior,
mezzanine and junior secured financing, asset purchase facilities,
repurchase financing, working capital loans and equity.
Source: http://www.reuters.com |
