BriteCap Financial Secures $150M Credit Facility

LAS VEGAS, Aug. 26, 2024 /PRNewswire/ -- BriteCap Financial LLC ("BriteCap"), a data-driven financial services company dedicated to improving the financial health of America's small businesses, today announced the establishment of a new receivable financing facility from funds managed by One William Street Capital Management affiliates ("OWS Funds"). The facility will support a notable increase in BriteCap's capabilities by providing up to $150M over a three-year revolving period.

BriteCap CEO Sri Kaza emphasizes the company's commitment to supporting small businesses in challenging economic times. "We recognize the dedication and perseverance it takes to build a thriving enterprise," Kaza states. "With traditional banks often falling short, BriteCap is stepping up to provide greater access to capital for underserved small businesses. The newly launched facility is designed to empower entrepreneurs and fuel their growth."

"We are excited to partner with BriteCap," said Alex Saporito, Portfolio Manager at OWS, "and to provide this financing solution that enables BriteCap to effectively deliver funding to small businesses and better positions it to navigate the current market environment."

"As long-term capital providers to BriteCap, we are pleased to have the support of One William Street," said David C. Lee, Chairman and CEO, North Mill Equipment Finance. "This new credit facility provides BriteCap the capital to scale and grow with more attractive terms and repayment options for A-credit businesses. The team at North Mill is committed to advancing BriteCap and to supporting the financial needs of small businesses."

About BriteCap Financial

BriteCap Financial is a leading provider of working capital for America's small business owners. Since 2003, BriteCap combines technology, non-traditional credit algorithms to provide fast, convenient and affordable working capital direct to businesses or through their broker network. For more information about becoming a partner, visit britecap.com/become-a-partner. 

About One William Street Capital Management

Founded in 2008, One William Street Capital Management and its affiliates manage multiple investment strategies focused primarily on asset-based and structured credit opportunities in North America and Europe.

About North Mill Equipment Finance

North Mill Equipment Finance (NMEF) originates and services small to mid-ticket equipment leases and loans, ranging from $15,000 to $2,500,000 in value. A broker-centric private lender, the company accepts A – C credit qualities and finances transactions for many asset categories including construction, transportation, vocational, medical, manufacturing, technology, franchise, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners. The company's headquarters are in Norwalk, CT, with regional offices in Irvine, CA, and Voorhees, NJ. For more information, visit www.nmef.com. 

Media Contacts:
For BriteCap:
Sri Kaza, CEO
BriteCap Financial
[email protected]
(866) 623-4900

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SOURCE BriteCap Financial