Progressive Capital Equipment Finance Inc. (Progressive Capital) announced its wholly owned subsidiary, Dynamic Capital Equipment Finance (Dynamic Capital), has secured a $55 million funding facility with Mitsubishi HC Capital Canada.

Private, independent and Canada-based, Dynamic Capital is a provider of equipment financing and leasing in Western Canada. With a total of $400 million in assets under management, Dynamic Capital provides creative funding solutions in all market cycles and this new facility adds to Dynamic Capital’s existing funding relationships. Unique in the Canadian marketplace, Dynamic Capital can lend across the credit spectrum with rates from investment grade to sub-prime.

“With the support of Mitsubishi HC Capital Canada, we are growing and supporting Canadian entrepreneurs across Canada in a broad range of heavy industries,” said Dustin White, CEO of Dynamic Capital. “Adding Mitsubishi HC Capital Canada as a funding partner is an important strategic step for Progressive Capital, as Dynamic Capital’s presence in the market continues to grow.”

Highlights for the new facility include an annual funding capacity of $50 million, and a warehouse facility with a limit of $5 million. The facility will be used to margin a diversified basket of commercial equipment financing receivables.

“We are proud to part of Progressive’s growth strategy,” said François Nantel, President of Mitsubishi HC Capital Canada. “Dynamic Capital is a significant player in the equipment finance industry, and we have great expectations for this relationship.”