Great Elm Capital Corp. (GECC), a business development company, launched Great Elm Utica, LLC (“GEU”), a joint venture between GECC and Utica Leaseco (“Utica”), to co-invest in proprietary equipment financing transactions sourced by Utica.

Founded in 2005, Utica provides customized equipment loan and lease options for businesses of all sizes throughout the continental U.S. With unique knowledge of equipment values and creative structuring, Utica specializes in helping credit-challenged companies unlock the equity in their equipment. Utica’s management team has over 100 years of combined experience in lending, financial services, and equipment finance.

The transaction remains subject to the approval of Utica’s senior lender.

Michael Keller, President of Great Elm Specialty Finance, stated, “We are pleased to announce this joint venture with Utica, which enhances our ability to offer one-stop-shop financing alternatives for small and mid-sized businesses.  We look forward to working with the Utica team to grow GEU as we continue to expand GECC’s specialty finance platform.”

David Levy, Co-Founder and CEO of Utica and President of GEU, noted, “We are excited to enter into this joint venture with GECC and believe that this vehicle will allow us to offer additional products to middle market businesses, and, with GECC’s access to capital, execute on larger equipment financing transactions.”