Siena Lending Group, (Siena), a leading asset-based lending company, announced the expansion of its national commercial lending capabilities with the launch of Siena Healthcare Finance. This new division of Siena will provide a broad range of asset-based lending solutions for small to mid-sized healthcare companies and other service providers.
Headquartered in Portland, Oregon, Siena Healthcare Finance will seek to provide credit facilities ranging from $1 – $30 million to healthcare companies with revenues between $5 – $250 million, operating in the U.S. and Canada. Like Siena Lending Group, Siena Healthcare Finance will offer clients maximum flexibility with quick response and turnaround times. Target markets will include healthcare facilities, medical products and technology companies, healthcare service providers, and any provider of goods and services to the healthcare sector.
Siena has hired Jennifer Sheasgreen to be President of Siena Healthcare Finance. Edward Kauffman will join the division as Managing Director in charge of new business originations. Sheasgreen and Kauffman have worked together since 2008 and have had a successful track record of building healthcare business units from the ground up. These prior start-ups include Marquette Healthcare Finance, Doral Healthcare Finance and Triumph Healthcare Finance, which was subsequently purchased by CNH Finance, L.P.
David Grende, President and CEO of Siena Lending Group, said, “We are excited about building a business in the healthcare space with a team of extremely qualified and well-respected professionals. Healthcare finance is a specialty that we always wanted to be a part of. We now have expertise and leadership with a proven track record, and can build a business around a sector that represents the largest percentage of GDP spend in the U.S. In addition, the recent acquisition of Siena Capital Finance LLC, Siena’s parent company, by Business Development Corporation of America (BDCA), has helped to propel this strategic initiative.”
“Expanding Siena’s industry coverage to include the healthcare sector helps to strengthen Siena’s product capabilities and presents a compelling channel for growth,” said Richard Byrne, CEO of BDCA, an affiliate of Benefit Street Partners LLC, which has over $3 billion of capital committed to the healthcare sector. “We are excited about adding Jennifer, Ed and team to the Siena platform, and look forward to continuing to support Siena’s growth.”
Sheasgreen has over 25 years of experience in executive leadership roles spanning all aspects of commercial finance within the healthcare industry. She holds a Bachelor of Science degree in Strategic Management from California State University at Sacramento, and is certified as a Fellow of the Healthcare Financial Management Association with a concentration in Accounting and Finance. In 2017, Sheasgreen was recognized by the Secured Finance Network, formerly the Commercial Finance Association, as one of the top “50 Women in Commercial Finance.”
“I have a real passion for start-ups, and I am excited to partner with Dave and his team,” Sheasgreen said. “Siena Lending Group is the perfect fit for our team as we build Siena Healthcare Finance knowing we’re backed by a great team and a strong capital provider.”
Kauffman brings over 20 years of healthcare finance experience to Siena Healthcare Finance. During his career, he has held various business development positions in healthcare lending at CNH, Triumph and Doral, as well as CIT Group, GE Finance and Heller Financial Services. Ed attended SUNY Brockport and is a member of the Turnaround Management Association, Secured Finance Network, Association for Corporate Growth and Healthcare Financial Management Association.
Also joining Siena Healthcare Finance will be Stephen Gaut, as Vice President of Underwriting, and Dan Carroll, as Vice President of Portfolio Management.