Bridge Bank Provides $3 Million Credit Facility to Help Innovative Lease Services Grow Portfolio
COSTA MESA, Calif., January 31, 2023--(BUSINESS WIRE)--Bridge Bank today announced its Capital Finance Group has closed on a $3 million credit facility for Innovative Lease Services Inc., a Carlsbad, California-based provider of commercial equipment financing and leasing services. Innovative Lease Services (ILS) plans to use the funding to help grow its lease portfolio.
"We are pleased that Bridge Bank can help even more companies achieve their business objectives with this financing for Innovative Lease Services, which fills a unique niche in the industry," said Justin Vogel, senior vice president in Bridge Bank’s Capital Finance Group.
ILS provides financing for businesses to buy new and used equipment that costs between $5,000 and $5 million. As a private lender, the company offers significant flexibility to provide financial tools to small and medium-sized businesses across the United States and has helped businesses like breweries acquire brewing equipment, fitness centers buy new equipment and entrepreneurs purchase food trucks.
"We love to help companies find the funds they need to get off the ground and succeed," said Innovative Lease Services CEO Andrew Nere. "We are here to enable and support the American dream of business ownership."
Bridge Bank’s Capital Finance Group offers a range of asset-based and factoring solutions, including accounts receivable, inventory and invoice financing, to provide lines of credit and working capital. The group’s expertise supports companies in manufacturing, professional services, retail and technology that are experiencing unusual market conditions that might hamper their ability to adhere to traditional covenants and credit structures.
About Innovative Lease Services Inc.
Founded in 1986, Innovative Lease Services Inc. is a Carlsbad, California-based provider of commercial equipment financing for businesses in all 50 states. The company specializes in equipment leasing, equipment financing and working capital for small and mid-sized businesses. It is accredited by the Better Business Bureau and is a longstanding member of the National Equipment Finance Association and the National Association of Equipment Leasing Brokers. Learn more at https://www.ilslease.com/.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored business banking solutions throughout the Bay Area and has specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $65 billion in assets and ranked #1 among top-performing large banks in 2021 by both American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources and local market expertise that make a difference for customers. For more information, visit Bridge Bank.
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