Merchant Cash and Capital said Monday that it has received a $75 million term loan from a consortium led by Comvest Partners. Also, MCC has named Jeffrey Beckwith as chief financial officer. Based in New York City, MCC is a small business financing provider.
NEW YORK–(BUSINESS WIRE)–Merchant Cash and Capital (“MCC”), a pioneer and leader in the small business financing industry, today announced that it has expanded its secured term loan to $75 million through a consortium led by Comvest Partners’ Comvest Capital II debt fund (“Comvest”). Coupled with other debt facilities currently in place, this new commitment increases MCC’s total debt facilities to approximately $100 million.
“Like the businesses we finance, we need resources to develop more programs and services for our customers, and that is exactly what this new financing will allow us to do,” said MCC Chief Executive Officer Stephen Sheinbaum. “Our new term loan gives us the capital needed to invest in technology and product development, and catapult the growth of MCC from the current levels of funding $20 million per month to more than double that over the course of the next year.”
“We have enjoyed watching the product growth and continuous improvement of MCC over the last several years,” said Greg Reynolds, Managing Director at Comvest. “We are confident that MCC is well-positioned for the future and are delighted to increase our capital commitment and bring Crystal Financial and Medley Capital into the new term loan.”
2013 was a watershed year for MCC, as it successfully launched its ASAP technology which streamlines and automates the approval-to-funding process for merchants and partners alike. In addition to technology innovations and product expansion, MCC has also added to the depth of its senior management team with the addition of Jeffrey Beckwith, Chief Financial Officer.
“Since 2006, MCC has not had a need to raise additional equity,” said Beckwith. “However, with the closing of this new facility, we now feel well positioned to pursue and consider strategic debt and equity capital raise opportunities.”
About Merchant Cash and Capital
Merchant Cash and Capital, LLC combines advanced technology and unmatched customer service to provide financing for business owners around the country. With its ASAP (Automated Submission and Pre-Approval System) technology, MCC enables business owners to instantly secure funding approvals – a process that took 24 hours, now takes 24 seconds. MCC has funded more than $650 million to over 13,000 unique business owners and a total of 29,000 advances. For more information, visit www.merchantcashandcapital.com or call 1-877-208-7758.
About Comvest Partners
Comvest Partners, with $1.2 billion of assets under management, provides flexible financing solutions to lower middle-market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Our firm includes seasoned, senior level operating executives who partner with managers and owners of companies to operationally improve businesses and create long-term value. Since 2000, Comvest has invested more than $1.9 billion of capital in over 130 public and private companies. Please visit www.comvest.com.