Accord Financial established two new financing arrangements to support its Canadian small business lending division and BondIt Media Capital, its U.S.-based media financing arm. This move follows on the company’s previously-announced review of strategic initiatives, including efforts to generate additional capital to support portfolio growth.
In Canada, the company closed a private securitization facility agented by a Fortune 500, Standard & Poor’s AA-rated life insurance company. The $40 million facility advances the organization’s goal of diversifying its funding sources to support growth of its Canadian portfolio. This private securitization provides term financing for an amortizing pool of small business loans originated by Accord.
“Attracting $40 million of funding from a high-quality finance partner in this economic environment is a testament to Accord’s reputation and underwriting standards,” Simon Hitzig, president and CEO of Accord, said.
At the same time, BondIt closed a new, $60 million credit facility from Keystone National Group, a private credit fund and investment advisory firm headquartered in Salt Lake City. This facility replaces and upsizes a previous credit facility, which had been instrumental in supporting BondIt’s growth over the past six years.
“This larger, more flexible facility will enable us to unlock growth opportunities in the evolving landscape of film, television and media in a time of unprecedented change,” Matthew Helderman, CEO and co-founder of BondIt, said. “We’ve respected the Keystone team for many years, and we’re thrilled to have them on board for the next phase of growth.”
“With these important milestones completed, we’re setting our sights on further strategic initiatives aimed at creating shareholder value over the course of 2024,” Hitzig said.
