New York, September 3, 2024 /PRNewswire/ — First Citizens Bank today announced that its asset-based lending business will serve as lead arranger in promoting credit facilities for the asset-based lending segments of SG Credit Partners, consisting of SG Consumer Products and SG Commercial Finance. Focuses on sponsors. CPG and lower middle market companies are favored, respectively.
The increase increases credit facilities to support SG Credit’s recent addition to its trade finance division as part of its broader growth strategy to focus on new lending. SG Credit Partners is a family office-backed lender with a broad credit platform comprised of three verticals: Software + Technology, Consumer Products and Trade Finance.
The First Citizens Asset Based Lending team has worked with SG Credit for many years to support their financial needs. “First Citizens ABL is recognized as a top bank with strong financial lending capabilities,” he said. Ryan WoodyCOO at SG Consumer Products. “We appreciated their expertise and agility in arranging additional financing capacity to meet our unique needs.”
“SG Credit Partners continues on its growth path, leveraging its proven ability to develop a well-structured portfolio,” it said. Chris EspositoManaging Director and Head of First Citizens Asset-Based Lending Group. We are pleased to continue to support them in furthering their business goals.”
First Citizens’ asset-based lending business works to meet the working capital needs of clients by offering innovative structures that can help reduce funding costs and reduce operational risks, while leveraging accounts Receivables, inventory, or fixed assets as collateral help improve revenue.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and affluent customers build lasting financial strength. Its headquarters in Raleigh, NCFirst Citizens has built a unique legacy of strength, stability and long-term thinking that spans generations. First Citizens offers a range of general banking services, including a network of more than 500 branches and offices in 30 states. Commercial banking expertise providing best-in-class lending, leasing and other financial services coast to coast; Innovation banking that serves businesses at every stage. and a direct bank across the country. The parent company of First Citizens BancShares, Inc. (NASDAQ: FCNCA) is one of the top 20 financial institutions in the United States with more than 200 billion dollars in assets and a member of the Fortune 500™. Learn more at firstcitizens.com.
Media relations:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com
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