Milestone Bank Launches Asset-Based Lending Division
A new working-capital engine for B2B companies nationwide
Milestone Bank, a prominent name in equipment finance and SBA lending, recently took a significant step by unveiling its new Asset-Based Lending (ABL) division. This development marks an exciting expansion in credit solutions tailored for small and mid-sized businesses across the nation. The ABL division offers revolving working-capital lines of credit, primarily secured by accounts receivable and inventory. This service aims to assist manufacturers, distributors, production companies, and other B2B operators in managing cash-flow challenges and fostering growth.
Leadership and Expertise
To spearhead this new venture, Milestone Bank appointed Daniel Godfrey as the Senior Vice President of Asset-Based Lending. Godfrey brings a wealth of experience, having accumulated 23 years in the ABL sector, with 18 of those years spent at Celtic Bank. His extensive knowledge encompasses conventional ABL and government-guaranteed lending programs, including the SBA CAPLines.
Vision for the ABL Division
Daniel Godfrey expressed enthusiasm about joining Milestone Bank, stating, "Milestone has built an exceptional national platform in equipment and SBA financing. I'm excited to enhance its offerings by including ABL for small and medium-sized businesses. Our solutions combine conventional and SBA-enhanced structures, delivering flexible working capital while maintaining strong risk controls." This insight illustrates Milestone's commitment to delivering effective financial solutions to its clients.
Understanding Asset-Based Lending
Asset-Based Lending is often misperceived by lenders who focus primarily on traditional cash-flow models and real property collateral. In reality, well-structured ABL facilities can be among the safest forms of commercial lending. There is a focus on ongoing collateral verification, disciplined controls, and real-time insight into working assets, thereby enhancing security for lenders.
Milestone's Distinctive Approach
Milestone Bank supplements its ABL program with rigorous receivables oversight and dynamic monitoring. When necessary, the additional protection of an SBA guarantee or other forms of credit enhancement are included. This comprehensive approach positions the bank favorably within the lending landscape, setting it apart as a reliable option for businesses seeking capital.
Strategic Vision for Growth
The introduction of ABL underscores Milestone's strategy for sustained growth, building on its impressive year-over-year expansion across its lending platforms over recent years. Mark Yung, President, and CEO of Milestone Bank, noted, "Adding ABL is a natural progression in Milestone's evolution. It enhances our capacity to provide tailored credit solutions to operating companies, whether they need equipment, long-term capital, or short-term liquidity." This proactive approach points to the bank's dedication to meeting the diverse needs of its clientele.
Contact Information for Inquiries
For businesses looking to explore the benefits of ABL financing, Milestone Bank encourages inquiries through its management team. Interested parties can reach out directly to Daniel Godfrey at (248) 743-5145 for detailed information and assistance.
About Milestone Bank
Milestone Bank is recognized as a nationwide specialty lender with its headquarters in Salt Lake City, Utah. The bank has carved out a niche in equipment financing, SBA 7(a) lending, and asset-based lending, demonstrating a firm commitment to providing speed, transparency, and relationship-driven service to small and mid-sized businesses nationwide.
Frequently Asked Questions
What is Asset-Based Lending?
Asset-Based Lending (ABL) is a type of financing where loans are secured against company assets, such as accounts receivable or inventory, providing businesses immediate capital.
Who leads the new ABL division at Milestone Bank?
Daniel Godfrey has been appointed as Senior Vice President of Asset-Based Lending, bringing extensive expertise to the role.
What industries can benefit from Milestone's ABL services?
Manufacturers, distributors, production companies, and various other B2B operators can benefit from the structured credit solutions provided through ABL.
How does Milestone Bank ensure security in ABL?
Milestone employs rigorous collateral verification, disciplined controls, and real-time monitoring of working assets to ensure robust security in its ABL facilities.
How can businesses inquire about ABL financing?
Interested companies can contact Daniel Godfrey at (248) 743-5145 to explore ABL financing options tailored to their needs.