Siena Lending Group and its affiliates recently announced the closing of a revolving credit agreement with Wells Fargo Capital Finance that Siena will use to expand its balance sheet and fund American businesses.
“We are very pleased to extend this credit facility to Siena,” Andrea Petro, the division manager of the lender finance division at Wells Fargo Capital Finance, said. “We have known and have been impressed with [Siena President and CEO] David Grende and his team’s long track record of success and look forward to supporting Siena’s plans for continued growth.”
Siena’s business model is tailored to meet the gap between commercial business lending and community banks. The company provides direct financing to businesses, as well as turn-key origination and servicing for participating community banks seeking exposure to the asset-based lending market.
The company is run by the former executive team of Burdale Capital Finance, the U.S. asset-based lending division of the Bank of Ireland—its $1.2 billion U.S. ABL portfolio was sold to Wells Fargo last year, and the team was re-launched as Siena.
“Wells Fargo will further enhance our strong foundation and enable us to continue providing dependable funding to our customers,” Grende said. “Our business model targets companies that may have unique financing needs that may not fit into the credit profile of traditional bank lending. Our funding from Wells Fargo is a key component that will help us expand and meet our business objectives.”