STAMFORD, Conn., Aug. 7, 2013 /PRNewswire/ -- Siena Lending Group and its affiliates ("Siena"), a leading provider of asset-based lending to businesses in the lower middle market, announced the completion of a revolving credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). Siena will use this credit facility to expand its balance sheet and continue funding small and medium sized businesses throughout the United States. Siena's loan products include commercial business loans and working capital lines from $1 to $20 million.
"We are very pleased to extend this credit facility to Siena," said Andrea Petro, Division Manager of the Lender Finance Division of Wells Fargo Capital Finance, adding "We have known and have been impressed with David Grende and his team's long track record of success and look forward to supporting Siena's plans for continued growth."
Siena's business model, team and sponsorship by Solaia Capital were important factors in securing the financing with Wells Fargo. "Our longstanding relationship with Wells Fargo coupled with its market dominance in the lender finance sector make Wells Fargo the perfect financing partner for Siena," said Michael Carrazza, CEO of Solaia Capital and Siena's Chairman. "Securing this attractive credit financing speaks of the strength of Siena's platform and growth opportunities."
Siena's hybrid business model targets a widening gap between community banks and commercial business lending. In addition to providing direct financing to businesses, Siena offers turn-key origination and servicing capabilities for participating community banks that are seeking exposure in the asset-based lending market. Siena provides community bank partners the ability to acquire high quality, variable rate, low risk, economically attractive loans without direct cost or increased SG&A. The intensive loan monitoring required for asset-based loans is managed by Siena's team at institutional standards, which small banks cannot readily replicate.
Siena is run by the former executive team of Burdale Capital Finance, Inc., the U.S. Asset Based Lending Division of Bank of Ireland. Bank of Ireland's $1.2 billion U.S. ABL portfolio was sold to Wells Fargo in 2012, and the core team was re-launched as Siena.
"Wells Fargo will further enhance our strong foundation and enable us to continue providing dependable funding to our customers," said David Grende, Siena's President and CEO. He added, "Our business model targets companies that may have unique financing needs that may not fit into the credit profile of traditional bank lending. Our funding from Wells Fargo is a key component that will help us expand and meet our business objectives."
About Siena Lending Group
Siena Lending Group is an independent commercial finance company offering asset based loans between $1 and $20 million to small and middle market businesses across the United States. Siena also offers a turn-key servicing platform, which provides an attractive asset based product for community and regional banks that desire improved operating metrics and asset diversification. Siena's independence as a finance company allows innovative & flexible solutions, while allowing its customers to maintain a relationship with their own bank. Siena's management team is experienced, innovative, dependable, entrepreneurial, and highly regarded within the industry. The team has over 140 years of combined experience and has transacted over $10 billion in facilities. Visit us at www.sienalending.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Solaia Capital Advisors
Solaia Capital Advisors is an investment management firm specializing in the investment, acquisition and recapitalization of middle market businesses. Solaia employs a hands-on approach, and in addition to capital, Solaia provides strategic, operating and financial capabilities to help management teams grow and enhance enterprise value. For more information, visit www.solaiacapital.com.
SOURCE Siena Lending Group