Breakout Capital, a technology-enabled small business lender, announced today it obtained a new revolving credit facility from Drift Capital Partners, LLC, an alternative asset management company based in Charleston, South Carolina. The facility is structured to scale in alignment with Breakout Capital’s rapid growth, and at least $25 million in revolving debt is expected to be available to provide working capital solutions to Breakout Capital’s current and future customers. Drift’s commitment equips Breakout Capital with significant incremental funding capacity to continue on its strong trajectory and to meet the robust and accelerating demand among small businesses nationwide for Breakout Capital’s transparent, flexible, and innovative financing solutions.
“We have enjoyed a long-standing financial partnership with Drift, and we appreciate the continued trust they have placed in us with this new credit facility. Drift’s facility will further bolster our growth trajectory and enable us to provide tens of millions of dollars or more of additional working capital to small businesses across the country. In a time when institutional appetite for alternative finance companies has dried up, we believe our ability to raise a credit facility in this market speaks volumes about what we have already accomplished, our position as a leading player in the space, and our prospects for strong, but measured, growth,” stated Carl Fairbank, Founder & CEO of Breakout Capital.
“Drift has a proven track record of identifying and partnering with platforms positioned for long-term success in the alternative finance space. As a long-time partner to Breakout Capital, we recognize that the company’s superior management team employs an innovative business model that should enable it to become one of the top players in the market. I could not be happier than to extend our relationship with Breakout Capital, and look forward to a long-term partnership with the company,” said McLean Wilson, Co-Founder & Managing Partner of Drift Capital Partners, LLC.
With a focus on innovation, product and cost transparency, and a partnership- based approach that extends past just providing capital, Breakout Capital is built on three fundamental pillars: transparent and innovative lending, education, and advocacy. In addition to becoming one of the fastest growing lenders in the market, Breakout Capital is a Founding Member of the Coalition for Responsible Business Finance and a vocal advocate for comprehensive, standardized product and cost disclosure, and full transparency across all alternative finance products.
As a result of its reputation as one of the most trusted and respected lenders in the market, Breakout Capital was invited to and joined the Task Force for the PLUM Initiative, a groundbreaking collaboration between the U.S. Small Business Administration (SBA) and the Milken Institute to more effectively provide capital to minority-owned businesses throughout the United States. The Task Force consists of a very select group of industry leaders, who are in positions to improve access to capital in underserved markets, including: local, state, and federal officials; academics; trade groups; banks (large, regional, community), community development financial institutions, alternative finance platforms and data providers; technical assistance providers, and commercial developers.
To support its rapid growth, Breakout Capital recently executed a 5-year lease for office space at 6862 Elm Street, 3rd Floor, McLean, VA. The new office more than triples the size of their previous space allowing the Company to continue to scale operations and tap into the talent rich pool in the greater Washington DC market.
About Drift Capital Partners, LLC
Drift Capital Partners, headquartered in Charleston, SC, is an alternative asset manager that seeks to generate attractive, absolute returns by investing across the entire credit spectrum in areas where conventional sources of capital are scarce. Drift was formed to provide a select group of qualified high net worth individuals, institutional investors and family offices access to unique investment opportunities through an array of asset classes. Drift’s core principles are reflected in their due diligence, investment selection, diversification with unique asset classes and risk mitigation techniques. Drift’s principals co-invest in every fund offering ensuring that Drift’s interests are always aligned with investors.
To learn more about Drift Capital visit: www.driftcp.com
About Breakout Capital
Breakout Capital, headquartered in McLean, VA, is a technology-enabled direct lender that has provided tens of millions of dollars through a wide range of working capital solutions to small businesses across the country. In addition to becoming one of the fastest growing companies in the market, Breakout Capital is a leading advocate for small business and is a Founding Member of the Coalition for Responsible Business Finance. Breakout Capital has produced a highly regarded “educational series” through its blog, Breakout Bites, that helps small businesses better understand the alternative lending market and how to avoid the hidden fees and debt traps that are prevalent with many of its competitors. With a laser focus on honesty, integrity, transparency, and suitability, Breakout Capital is changing the financial landscape for the millions of small businesses in need of affordable and transparent funding.
To learn more about Breakout Capital or the Coalition for Responsible Business Finance, please visit www.breakoutfinance.com or www.responsiblefinance.com, respectively.
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