Accord Financial Closes $100 Million Securitization Facility
Accord Financial Corp., one of the U.S. and Canada’s leading independent finance companies ("Accord") (TSX: ACD) announced the closing of its first private securitization facility agented by a Fortune 500, A.M. Best A+ rated Canadian life insurance company. This $100 million facility is a significant milestone for Accord, advancing the organization’s goal of diversifying its funding sources to support growth of its North American business.
This private securitization provides term financing for a discrete amortizing pool of small business loans originated by Accord. “We are pleased to have closed this substantial new financing vehicle, allowing us to fully support our customers’ needs for liquidity and growth financing while at the same time, expanding and broadening our sources of capital,” stated Simon Hitzig, President, Accord Financial. “As we continue to pursue our goal of simplifying access to capital so our clients can thrive, we are confident we have the right partners in place to fulfill our mission.”
About Accord Financial Corp.
Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions for companies in transition including factoring, inventory finance, equipment leasing, trade finance, and film/media finance. By leveraging our unique combination of financial strength, deep experience, and independent thinking, we craft winning financial solutions for both small businesses and medium-sized enterprises, simply delivered, so our clients can thrive. For 43 years, Accord has helped businesses manage their cash flows and maximize financial opportunities.