|By Business Wire||
|May 5, 2014 10:00 AM EDT||
Gibraltar Business Capital has announced the formation of Gibraltar Technology Finance, a unit of the company that will focus on making non-dilutive growth capital available to software and technology companies across the US. Recognizing the unique financing needs of the technology sector, Gibraltar has hired Mark Sperling, who brings more than 15 years of financial and business development expertise, to serve as Vice President of this new group. He joins Scott Chamberlin, SVP Loan Originations, who helped develop the company’s technology finance team out of the Boston office, and together they will oversee engagement in the technology sector nationwide.
As a niche financial company that provides small- to medium-sized businesses flexible, accessible capital solutions, Gibraltar’s technology finance team works closely with both post start-up and mature software and technology companies to provide capital supported by future revenue streams.
“Access to adequate financing continues to be an important consideration for technology companies,” said Darren Latimer, CEO of Gibraltar Business Capital. “At Gibraltar, we take pride in knowing that our specialized financing solutions are helping young, innovative companies with critical capital to grow.”
Mr. Sperling brings to this role over 15 years of experience working with the technology sector, and will continue this focus for Gibraltar with an emphasis on asset based and recurring revenue for companies nationwide. Most recently, he had worked with Cambridge Savings Bank to help grow their nascent Commercial Lending Group in the Boston area. Previously, the majority of his career was spent at Silicon Valley Bank, where he helped grow its Specialty Finance Practice to over $1 Billion in loans outstanding.
“We are very fortunate to have an individual of Mark’s caliber come aboard our Technology Finance Team,” notes Heather La Freniere, EVP, Head of Originations. “He brings an established track record of catering to the nuances of the technology space and will help Gibraltar take the next step in delivering affordable and convenient capital financing solutions to growing technology businesses, at a time when they need it most.”
The Gibraltar Technology Finance Team is highly experienced, having worked at such firms as Silicon Valley Bank, Wells Fargo Capital Finance and Bridge Bank. Gibraltar’s working-capital solutions typically apply to emerging companies with revenue between $2 million and $50 million, and credit needs ranging between $500,000 and $5 million. In just under two years, the company has closed on a number of transactions across a variety of segments within the technology industry – ranging from software manufacturers and providers to web-based solutions providers. Gibraltar is able to step in and fill the void facing young, often start-up tech companies who seek funding solutions, but are not yet considered a candidate by traditional commercial banks.
About Gibraltar Business Capital
Headquartered in Chicago, Gibraltar Business Capital is a privately held middle-market lender providing small- to medium-sized business owners fresh and accessible capital alternatives to a commercial bank loan. With fast, flexible asset-based lending and factoring solutions, Gibraltar delivers lines of credit and specialized funding that allow enterprise to meet their business objectives. Building on its 60-year history, Gibraltar Business Capital is a multifaceted company strategically positioned with the portfolio, infrastructure, personnel and resources to support its clients nationwide.