Nexcap Finance said it closed a $50M equipment lease facility under the Vehicle and Equipment Financing Partnership, which is managed and funded by the private-public partnership between Business Development Bank of Canada and TAO Asset Management.

“The establishment of this facility allows Nexcap to steadily grow our business in times of economic uncertainty,” said Bruce Sherk, president of Nexcap.

The transaction permits up to $50 million of asset-backed funding, with new draws permitted on the facility for three years from the time of closing. The first disbursement under Nexcap’s facility was made the second week of August.

Nexcap Finance is a Canadian-owned and operated company that offers equipment leasing, structured financing and supply chain financing solutions to clients in a wide range of industries across Canada.