Dynamic Capital Equipment Finance, a wholly-owned subsidiary of Progressive Capital Equipment Finance, secured a $55 million funding facility from Mitsubishi HC Capital Canada.
Dynamic Capital Equipment Finance is an independent equipment finance company based in Canada with a total of $400 million in assets under management. The new facility adds to the company’s existing funding relationships.
“With the support of Mitsubishi HC Capital Canada, we are growing and supporting Canadian entrepreneurs across Canada in a broad range of heavy industries,” Dustin White, CEO of Dynamic Capital Equipment Finance, said. “Adding Mitsubishi HC Capital Canada as a funding partner is an important strategic step for Progressive Capital, as Dynamic Capital’s presence in the market continues to grow.”
Highlights of the new facility include an annual funding capacity of $50 million and a warehouse facility with a limit of $5 million. Dynamic Capital Equipment Finance will use the facility to margin a basket of commercial equipment financing receivables.
“We are proud to [be] part of Progressive’s growth strategy” François Nantel, president of Mitsubishi HC Capital Canada, said. “Dynamic Capital is a significant player in the equipment finance industry, and we have great expectations for this relationship.”
