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Accord Announces Two New Strategic Funding Facilities

July 01, 2024, 07:05 AM
By
Topic: Industry News

Accord Financial Corp. announced it has established two new financing arrangements to support its Canadian small business lending division and BondIt Media Capital (BondIt), its U.S.-based media financing arm. Both facilities provide a more competitive cost of funds compared to the funding they replace. The announcement follows on the company’s previously announced review of strategic initiatives, including efforts to generate additional capital to support portfolio growth.

In Canada, the Company announced the successful closing of a private securitization facility agented by a Fortune 500, Standard & Poor’s AA rated life insurance company. The $40 million facility advances the organization’s goal of diversifying its funding sources to support growth of its Canadian portfolio. This private securitization provides term financing for an amortizing pool of small business loans originated by Accord. “Attracting $40 million of funding from a high-quality finance partner in this economic environment is a testament to Accord’s reputation and underwriting standards,” said Simon Hitzig, Accord’s President & CEO.

At the same time, BondIt announced the closing of a new, $60 million credit facility from Keystone National Group, a private credit fund and investment advisory firm headquartered in Salt Lake City. This facility replaces and upsizes a previous credit facility which had been instrumental in supporting BondIt's growth over the past six years. Reflecting on the new funding relationship, BondIt CEO and Co-Founder Matthew Helderman commented, "This larger, more flexible facility will enable us to unlock growth opportunities in the evolving landscape of film, television, and media in a time of unprecedented change. We’ve respected the Keystone team for many years, and we're thrilled to have them on board for the next phase of growth.”

Looking ahead, Hitzig added, “With these important milestones completed, we’re setting our sights on further strategic initiatives aimed at creating shareholder value over the course of 2024.”

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