- 1Milestone Capital Partners closed an $11.5 million corporate note financing.
- 2Proceeds will fund new originations and refinance existing holding company obligations.
- 3Milestone has originated over $2.5 billion in loan and lease financings since inception.
Milestone Capital Partners, the holding company for Salt Lake City-based Milestone Bank, has closed an $11.5 million corporate note financing.
Use of proceeds
The company said proceeds will support continued growth, including funding new originations, and refinance existing holding company obligations. Brean Capital served as exclusive financial advisor and sole placement agent.
The business
Milestone describes itself as a commercial specialty finance platform focused on mid-ticket equipment, SBA loans and asset-based lending. Since inception it has originated more than $2.5 billion in loan and lease financings. The bank says it is a nationwide specialty lender serving small and mid-sized businesses in equipment financing, SBA 7(a) lending and asset-based lending.
CEO and President Mark Yung said the financing improves Milestone's ability to meet demand for flexible growth and working capital solutions among small and mid-sized businesses. CFO Jeffrey Sugg said the deal strengthens the balance sheet and provides runway to grow originations across core verticals, and that the company was pleased with the institutional support.
The announcement did not give the notes' interest rate, maturity or investor makeup. More information is on the Milestone Bank site.
Source reporting: deBanked.
