AloStar Business Credit announced that it has provided a $20 million line of credit to Lenders Funding, LLC (the Company) a private funding source for factors and asset-based lenders with offices in California, Virginia and New Jersey. Established in 2000, the Company, purchases participations in factoring and asset- based lending transactions. Additionally, the Company makes direct loans on other classes of collateral that are not traditionally suited for factoring or asset based lending.
 
“Lenders Funding supports the needs of small to middle-market factoring and asset-based lending companies that need to participate loans due to concentration issues or lending limits,” said Andy Mcghee, president AloStar Business Credit, “we are happy that we can support their efforts in the industry.”

Robert Zadek, managing member at Lenders Funding said, “After interviewing fourteen banks over a five-year period, we have finally found one who truly understands our business.  Alostar’s credit and corporate culture is just what we have been seeking. They are a pleasure to do business with, and will enable us to realize our full earnings potential. Lenders Funding has finally found a home.”

AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $40 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.