NEW YORK, Sept. 7, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that the Specialty Finance unit of its Asset-Based Lending business provided $100 million in financing to Stonegate Capital, a middle-market asset-based lender primarily focused on the consumer vertical and opportunistic credits. Stonegate Capital, headquartered in Chicago, is a wholly owned division of SG Credit Partners.
The financing replaces an existing facility and will enable Stonegate to continue its strong history of providing credit facilities ranging from $2 million to more than $15 million to the branded consumer vertical, as well as other traditional ABL markets.
"CIT is well known as a premier asset-based lender," said Ryan Woody, COO at Stonegate Capital. "They worked closely with us to understand our needs and business goals, and we appreciated their expertise and agility in arranging financing that meets our unique requirements."
"Stonegate is poised for growth and has a proven ability to develop a well-structured portfolio," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "We're pleased to support Stonegate as they advance toward their business objectives."
CIT's Asset-Based Lending business meets clients' working capital needs by offering innovative structures that reduce funding costs and lower operational risks while improving earnings by leveraging accounts receivable, inventory or fixed assets as collateral.
About SG Credit Partners
SG Credit Partners, with its Stonegate Capital division, is a family-office backed lender providing capital to lower middle market businesses and entrepreneurs requiring tailored credit solutions. SG Capital Partners has established a broad credit platform consisting of three core strategies: Software & Technology, Consumer Products, and Lower Middle Market Structured Credit.
Headquartered in Southern California with offices throughout the country, SG Credit Partners, with its Stonegate Capital division, has provided in excess of $500 million to lower middle market entrepreneurs across a variety of industries.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
SOURCE CIT, a division of First Citizens Bank