AloStar Business Credit has provided a $15 million term loan facility to fund the growth of Atlanticus Holding Corporation’s subsidiaries, Fortiva Financial and YBUY, Inc. Atlanticus, through its subsidiaries, provides financial services primarily to consumers with less than prime credit profiles. These services include retail and auto finance, direct to consumer revolving credit and installment loans, and rent-to-own leases. The company is publicly traded on the NASDAQ (ticker: ATLC).
Fortiva provides revolving and installment loans to consumers and YBUY provides consumers rent-to-own payment solutions, in retail locations at the point of sale. Atlanticus is the only provider with integrated traditional loan and lease-purchase payment options. Companies in many lines of business such as furniture, consumer electronics, dentistry, elective medical, home improvement, jewelry and educational services are already using the Fortiva and YBUY solutions. Fortiva and YBUY serve more than 1,500 partners in more than 8,000 retail locations.
“Atlanticus provides payment alternatives to consumers who do not fit within the traditional bank financing model,” commented Andy McGhee, president of AloStar Business Credit. “AloStar is pleased to support their growth as they work with consumers to establish better credit via a traditional loan or rent-to-own lease.”
“AloStar has been a valued partner for Atlanticus and our operating platforms as we continue our accelerated growth and further establish ourselves as the leading point-of-sale payment solution,” enthused Bill McCamey, CFO of Atlanticus. “AloStar has proven time and again to be a responsive, creative, and solutions oriented credit provider. We look forward to many more successful financings.”
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.
Fortiva is a leading provider of second-look financing at point-of-sale at more than 8,000 retail locations for Americans across the credit spectrum. YBUY provides consumers a rent-to-own alternative for purchasing furniture, electronics, jewelry and other consumer hard goods.